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Biotech / Medical : Biotechnology Value Fund, L.P.
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To: keokalani'nui who wrote (4444)8/5/2005 11:08:33 AM
From: sjemmeriRead Replies (2) of 4974
 
10:50 ADLS Advanced Life Sciences Holdings IPO prices below range (5.00 ) Advanced Life Sciences prices its IPO at $5, below the expected range of $8-9, which had already been reduced form $11-13. This biopharmaceutical co focuses on the discovery of novel drugs in the areas of infectious disease, inflammation and oncology. The co's pipeline include candidates for the treatment of respiratory tract infections, HIV, acute respiratory distress syndrome (ARDS) and cancer. The co has four product candidates in clinical development and seven in preclinical development. The co has an exclusive worldwide license (excluding Japan) from Abbott Labs to develop and commercialize cethromycin, an antibiotic in Phase 3 clinical development for the treatment of respiratory tract infections. As a development stage company, there are little financials to speak of and the co is not profitable... That the co raised the size of this deal to 6.4 mln shares from 4.5 mln explains some of the weak pricing here. However, it is still weak despite 1) the likelihood that the co's first drug will be licensed from Abbott and 2) the Biotech Index being up 28% since early April and near a new 52-week high. Looks like there is little appetite for development-stage biotech deals. This is being led by CE Unterberg and ThinkEquity.
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