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Biotech Posts Weak Performance in April
Date:5/3/2010

CEO, Burrill & Company, a San Francisco based global leader in life sciences with activities in private equity, venture capital, merchant banking and media. "We are beginning to see signs of investor confidence return with capital markets rebounding.

"In the past year ten biotech IPOs have been completed with seven of these going out in the past four months, which is certain good news although investors continue to be selective," added Burrill. "The mood at this year's BIO convention will certainly be more upbeat than last year."

Busy month for IPOs

Three biotech companies priced their IPOs this month:  

  • Tengion completed its IPO, pricing well below its initial range. The Pennsylvania-based regenerative medicine company, which is focused on growing replacement organs from a patient's own cells, raised $30 million by offering 6 million shares at $5. In its first filing in December 2009, the company had targeted raising $40.25 million, which it raised to $46 million in an amended filing in mid-March. At that time it planned to sell 4.4 million shares at a range of $8 to $10.
  • Codexis raised $78 million through the sale of 6 million shares at $13 a share. Although the company priced at the low end of its range, shares ended the month at $13.62, 5 percent above their initial offering price. The Redwood City, California-based biotech develops biocatalysts used in the production of pharmaceuticals and renewable fuels and
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SOURCE Burrill & Company
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