IPO From Population-Genomics Firm Genaissance Makes Strong
Debut
Wednesday, August 2, 2000 12:29 PM
NEW YORK -(Dow Jones)- Shares of populations-genomics company Genaissance Pharmaceuticals
Inc. made a strong debut on the Nasdaq Stock Market.
The initial public offering of six million shares closed at $16.063 after opening at $15.50 and being
priced at $13.
The expected price range of the offering, whose lead underwriter was Deutsche Banc Alex. Brown, was
$11 to $13 a share. New Haven, Conn.-based Genaissance will have 21.6 million shares outstanding
after the IPO.
Genaissance (GNSC, news, msgs) commercializes population genomics, the analysis of inherited
differences within diverse groups of people, and informatics - the storing, manipulating, analyzing and
visualizing of information on a computer - with the intent to help create better drugs.
The company, which had a 1999 net loss of $9.4 million on revenue of $680,000, plans to use the IPO's
proceeds for product development and working capital. |
