Biotechnology Value Fund, L.P. Message Board

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Biotech / Medical : Biotechnology Value Fund, L.P.

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To: sjemmeri who wrote (3945)	7/16/2004 12:53:19 PM
From: sjemmeri	Read Replies (3) of 4974

Weak IPO pricing for 'tools' co.: 10:58 ET Xenogen IPO prices below range (XGEN) 7.00: Xenogen prices its IPO at $7, below the expected $8 range which had been reduced from $9-$11. The co sells a system of instruments and equipment, software and reagents that improves the productivity and efficiency of the drug discovery process. Its biophotonic IVIS Imaging Systems, living animal models and research services collectively expedite in vivo data collection and analysis, a critical bottleneck in drug discovery. The co genetically engineer cells to emit light and thereby display a chosen tumor, disease, pathogen, organ or biochemical reaction.... A similar IPO priced this week, Phase Forward (PWRD), which sells software for clinical trials. That stock is 23% above its offering price. While biotech/pharma IPOs have been weak this year, perhaps investors draw a distinction with those companies that support the biotech discovery process. XGEN is not profitable and posted sales of $20 mln last year, up 25% yoy. However, Q1 sales were up 86% at $7 mln.... This is a 4.2 mln share deal, led by Thomas Weisel and begins trading today.

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