If all goes as planned, Israeli biotechnology company Predix Pharmaceuticals Holdings will hold its initial public offering (IPO) on Nasdaq this week. Predix is expected to complete the pricing stage of the IPO this coming Wednesday, and trading in the share will begin the following day, under the ticker symbol PRDX. Predix intends to raise $55 million at $232 million company value.
Predix will float 5 million shares with a price range of $10-12. The IPO underwriters -- sole book-running manager UBS Investment Bank, co-lead manager Deutsche Bank Securities Inc., and co-managers CIBC World Markets Corp. and ThinkEquity Partners LLC -- will receive the option to acquire an additional 750 shares, thus increasing the total IPO amount by $8.3 million.
Predix is a pharmaceutical company focused on the discovery and development of novel, highly selective, small-molecule drugs that target G-protein coupled receptors (GPCRs) and ion channels.
Predix has three drug candidates in clinical trials: one for the treatment of generalized anxiety disorder, one for the treatment of Alzheimer’s disease, and one for the treatment of pulmonary arterial hypertension. Predix has six additional programs in preclinical development and discovery.
Published by Globes [online], Israel business news - www.globes.co.il - on Sunday, October 16, 2005