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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio
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To: tuck who wrote (933)2/19/2004 12:42:44 PM
From: tuck  Read Replies (2) of 1005
 
Re: Dynavax IPO: From Briefing.com:

>>10:20AM Dynavax IPO prices well below range (DVAX) 7.50: Dynavax Technologies prices its IPO at $7.50 per share, well below the expected $12-$14 range. This biotech company's clinical development programs are based primarily on proprietary immunostimulatory sequences, or ISS, which are short DNA sequences that reprogram the immune system's response to infectious pathogens and enhance its ability to fight disease and control chronic inflammation. Based on results from Phase II trials, the co plans to initiate Phase III trials for two ISS-based product candidates in 2004. The co also has a third product candidate in early Phase II trials and a number of earlier stage clinical and preclinical programs... This is by far the poorest pricing for a deal in recent memory and is sure to raise eyebrows among the plethora of other biotech IPOs set to go public. Perhaps the size of the offering at 6 mln shares was too large. Despite the BTK setting new highs almost daily, recent biotech IPOs have been hit and miss lately... This is the first of three likely IPOs this week. Bear Stearns and Deutsche Bank are the lead underwriters of this deal which will begin trading this morning.<<

Cheers, Tuck
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