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Biotech / Medical : MEDX ... anybody following? -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (824)	6/6/2004 5:39:15 PM
From: Icebrg	Read Replies (2) \| Respond to of 2240

Immuno-Designed Molecules has opted to keep its proposed IPO local by seeking a listing on the Nouveau Marche section of the Euronext Paris exchange. Although IDM potentially could enjoy more liquidity on a different exchange - be it NASDAQ or the London or Swiss exchanges that have a larger number of life science companies - the cancer vaccine developer believes that sticking close to home is a better bet for the time being. Liquidity aside, European investors are always keen to have more local heroes. In IDM's case, it probably won't hurt that the company will be the biggest biotech by market cap on the Paris exchange. Scuttlebutt among City bankers is that IDM has a premoney valuation of about E220 million ($268 million) and could end up with a post-money valuation of more than E300 million ($366 million). This would put IDM above Cerep (NM:Cerep), which now sits atop a short list that includes Nicox (NM:Nicox) and Transgene (NM:Transgene) with a market cap of E116 million ($142 million). As of Friday, Nicoxís market cap was E72 million ($88 million) and Transgene, which also trades on NASDAQ, had a market value of E83 million ($101 million). IDM plans to sell 8.1 million shares at E10.50-E12.20 through UBS; Oddo et Cie; and Fortis Bank. If sold at the midpoint of E11.35, IDM would raise E91.9 million ($112 million). The company could offer an additional 1.2 million if demand is strong. The IPO has an overallotment of 1.4 million shares. IDM also will receive up to E10 million ($12.2 million) in an equity investment from partner Sanofi-Synthelabo (Euronext:SAN;SNY) at the IPO price. At March 31, IDM had about E30 million ($36.6 million) in cash. The company's burn rate last year was E15.8 million ($19.3 million). IDM's Mepact macrophage activator to treat pediatric osteosarcoma has completed Phase III trials and has Orphan Drug designation in the U.S. The company's Bexidem monocyte-derived activated killer cells product is in Phase II/III testing to treat bladder cancer. Uvidem, an autologous therapeutic vaccine, is in Phase II testing to treat melanoma. [Source: BioCentury]