Perlegen Sciences files for $115 million IPO

By Jennifer Chiou

New York, April 10 - Perlegen Sciences, Inc. filed for a $115 million initial public offering in an S-1 registration with the Securities and Exchange Commission.

Lehman Brothers is the bookrunner, with Deutsche Bank Securities the joint lead. Piper Jaffray and Allen & Co. LLC are co-managers.

The Mountain View, Calif., biopharmaceutical company was formed in late 2000 as a spinoff from Affymetrix, Inc.

Perlegen develops genetically targeted medicines for therapeutic areas that include metabolic, cardiovascular, central nervous system and inflammatory diseases.

The company said its current pipeline targets type II diabetes and dyslipidemia.

Perlegen has PGX-510 (netoglitazone), which completed phase 2b trials for type II diabetes and is pending genetic analysis for phase 2 trials for type II diabetes with dyslipidemia. The company's PGX-520 (bezafibrate) is also awaiting genetic analysis, formulation and discussion with the FDA for phase 3 trials for dyslipidemia.

The company added that even if its drug candidates succeed in clinical trials, it will not be in position to market the products in the next several years.

The firm had a net loss of $21.856 million on revenues of $40.464 million in 2005 compared with a loss of $15.454 million on revenues of $27.77 million for 2004.

Affymetrix, Inc. is the largest shareholder, with 25.4% of the company's shares, followed by Pfizer Overseas Pharmaceuticals with 13.3% and funds affiliated with Maverick Capital with 8.1%.

The company is seeking to be listed on the Nasdaq under the ticker symbol "PERL."

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