Amicus Therapeutics pulls $86.25 million IPO

By Jennifer Chiou

New York, Aug. 2 - Amicus Therapeutics, Inc. said it will not proceed with a previously announced initial public offering due to market conditions, according to a company letter to the Securities and Exchange Commission.

On May 17, the company filed for an estimated $86.25 million IPO in an S-1 filing with the SEC.

The company said that no shares were issued under the registration statement.

Morgan Stanley was to be the bookrunning manager with Goldman, Sachs & Co. as joint lead manager and Pacific Growth Equities, LLC as co-manager.

Amicus Therapeutics is a biopharmaceutical company based in Cranbury, N. J., that develops small molecule, orally active pharmacological chaperones for the treatment of human genetic diseases.

The company is in phase 2 clinical studies for its lead product candidate, Amigal, for Fabry disease. The company said it intends to start phase 1 studies for AT2101 for Gaucher disease in the second half of 2006.

Amicus Therapeutics added that it plans to file an Investigational New Drug Application for AT2220 for Pompe disease.

Amicus Therapeutics said it had a $20.833 million operating loss on zero revenues for 2005, compared to an $8.528 million operating loss on zero revenues for the same period in 2004.

Proceeds from the IPO would have gone towards the clinical development of Amigal, AT2101, AT2220, research and development for additional preclinical programs as well as general corporate purposes.

Entities affiliated with Prospect Venture Partners II, LP, New Enterprise Associates and Frazier Healthcare Ventures are the company's largest stockholders, each with 17%, followed by entities affiliated with CHL Medical Partners with 15.9% and entities affiliated with Canaan Partners with 15.5%.

The company had applied to list its stock under "AMTX" on the Nasdaq National Market.

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