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Biotech Avoids Fall Out From Tough Quarter for Capital Markets
Date:4/1/2008

used on using cells derived from a patient's body for treatment of heart damage. It priced its 1.1 million shares offering at $5.25 the midpoint of a revised range. The company had originally filed for an offering of 3.6 million shares at a range of $14-$16. The company's shares closed the month of March at $4, down 24%.

The tough economic environment kept other biotech IPO "hopefuls" grounded on the runway. Several, however, did file for an IPO in order to get in line and be ready to respond rapidly to complete their IPO when the market improves:

-- Bayhill Therapeutics, a clinical stage biopharmaceutical company

developing products to treat autoimmune diseases,

-- CyDex Pharmaceuticals -- a specialty pharmaceutical company focused on

the development and commercialization of drugs specifically designed to

address limitations of current therapies in selected established

markets.

-- Omeros -- developing drugs to treat focused inflammation and disorders

of the central nervous system

-- Phenomix, a biopharmaceutical company focused on the development of

novel small-molecule product candidates for treatment of Type 2

diabetes and hepatitis C.

-- Zogenix developing treatments for central nervous system disorders and

pain.

Market cap

The industry's market cap closed at $442 billion, unchanged for March and down 2% for the quarter. Genentech's market cap closed the month at $85B -- the company's shares had a very good month (up 15.7%) and quarter (up 21%). Amgen shares slipped 10% in the quarter with the result that the company's market cap dropped to $45B. As a result, the company slipped one place in company rankings by market cap with Gilead Sciences closing the quarter at $47.8B. Shares of Gilead hit a new 52-week high by month end following new of strong sales of its HIV drugs Truvada and Atripla.

Biotech Indices


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SOURCE Burrill & Company
Copyright©2008 PR Newswire.
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