Public biotech firms Cadence, Affymax draw $128M from bargain-hunting VCs
Much has been written about how the IPO market froze out biotech companies in 2008, but it looks like times are also tough for those who went public before the economy soured. Cadence Pharmaceuticals has seen a dip in stock price from $9 to $7.53 and drug-maker Affymax has dropped from $25 to $14.12 a share since their IPOs in 2006. But VCs hunting for bargains just agreed to infuse the two companies with $86.6… Continue Reading
Drug maker Affymax to issue shares, despite doubling losses
Affymax, a Palo Alto biotech company that makes synthetic peptide-based drugs to treat kidney diseases and cancer, is planning an initial public offering it hope could bring it as much as $84 million.
Its lead product, Hematide, is in Phase 2 trials in patients with anemia due to chronic kidney disease. The drug is also being tested to treat anemia in patients undergoing chemotherapy for cancer. The company has said it expects to sell 3.5… Continue Reading