NEW YORK, Aug 4 (Reuters) - Stock of 3-Dimensional
Pharmaceuticals Inc. climbed roughly 22 percent on
Friday after the biotechnology company began trading on the
Nasdaq.
Stock of 3-Dimensional jumped to 18-5/16, up 3-5/16 from
its offering price. The stock ranked among the leading
percentage gainers on the technology-rich Nasdaq. Meanwhile,
the Nasdaq composite index edged 0.01 percent higher to
3,760.
3-Dimensional, which offers technologies to accelerate the
discovery process of drugs, had priced 5 million shares at $15
each, the top of its expected range.
The company boosted its offering by 1 million common shares
to 5 million, while keeping the price range steady at $13-$15 a
share. The Exton, Pa.-based company raised $75 million through
the deal with underwriters Bear Stearns, Chase H&Q and U.S.
Bancorp Piper Jaffray.
It plans to use the proceeds from the IPO for research and
development, possible acquisitions of technologies or targets,
expansion of its facilities and other general corporate and
working capital purposes.
The company has a market capitalisation of $351.6 million
based on 19.2 million shares outstanding and its current stock
price. |
