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Biotech / Medical : New Brunswick Scientific Co., Inc. (NBSC)

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To: scaram(o)uche who wrote (108)	8/2/2000 11:15:24 AM
From: scaram(o)uche	Read Replies (3) of 724

Joe Kernan, CNBC, says that Advanced Medicine IPO has been pulled. "Unfavourable market conditions". Huh????? Maybe they are doing a bit of panning. <g> Wednesday August 2, 11:01 am Eastern Time Gates-backed Advanced Medicine withdraws IPO WASHINGTON, Aug 2 (Reuters) - Advanced Medicine Inc., a drug discovery company backed by Microsoft Corp. (NasdaqNM:MSFT - news) co-founder Bill Gates, withdrew on Wednesday a $172.5 million initial public offering because of unfavourable market conditions. The San Francisco-based company, which originally filed for the IPO with the Securities and Exchange Commission in March, had applied for a Nasdaq listing under the symbol ``ADVM'' (Nasdaq:ADVM - news). The offering was going to be jointly handled by Goldman Sachs and Merrill Lynch, with assistance from Bear Stearns. Advanced Medicine's objective is to discover, develop and commercialize new drugs as well as improve existing ones using a special technology. Some of its biggest investors includes Gates, one of the world's richest men, who holds a 7.5 percent stake equal to 2.9 million shares, according to Advanced Medicine's IPO filing.

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