IPO roundup: Sucampo prices low, Amedica’s IPO withdrawn
One deal down – Sucampo Pharmaceuticals, which had filed to raise as much as $69 million in its IPO (we covered them briefly here), priced its IPO well below expectations. Although the company had planned to sell shares for $14 to $16 apiece, it ended up pricing today at $11.50, a 23 percent discount. If the company still manages to over-allotted stock, it will fall just shy of raising $50 million. Sucampo shares, however, were up in early trading to $12.25, according to Nasdaq.
Amedica’s IPO is off… is an acquisition in the wings? – The Salt Lake City spinal-impant maker announced this morning that it is withdrawing its IPO bid due to “market conditions.” Oddly, though, the company hasn’t yet filed a withdrawal statement with the SEC (check it out yourself here). Perhaps the market for device makers is cooling the same way it has for biotechs, or maybe Amedica has just gotten a better offer. The company certainly isn’t hurting for cash — it raised $13.2 million just days before filing its IPO papers, and CEO Ashok Khandkar said in the company’s statement that Amedica has “sufficient funding” to finish its manufacturing facilities and launch its spinal implants in 2008.
Our previous coverage of Amedica is here, here and here.
Next Story: Union Square venture firm gets sued
Previous Story: Celator: Combining chemo drugs for fun and profit
About the Author, David P. Hamilton
David Hamilton has been writing for VentureBeat LifeScience since April 2007. He formerly spent 14 years as a reporter for the Wall Street Journal in its San Francisco and Tokyo bureaus. Prior to that, he spent several years as a reporter at Science Magazine and as a reporter/researcher for the New Republic, both in Washington.