Predix Pharma IPO delayed, with pricing now 'to be determined'

By Ronda Fears

Nashville, Oct. 20 - Predix Pharmaceuticals Inc.'s initial public offering, which had been slated to price after Wednesday's close, has been put on hold, according to a syndicate source.

Now, the source said, timing is "to be determined," a catch phrase meaning the equivalent of when the market is friendlier.

The IPO market has been especially tough for biotechs this year. A biotech IPO has not priced since Sept. 29, when Avalon Pharmaceuticals Inc. went public with the sale of 2.75 million shares at $10.50 - the low end of the guidance range of $10.00 to $12.00.

Predix, an early stage biotech, hopes to sell 5 million shares at a proposed price of $10.00 to $12.00 per share. Lexington, Mass.-based Predix intends to raise $55 million and use proceeds to fund continued clinical trials and general corporate purposes.

Predix, formerly Bio Information Technologies Ltd., has its roots in Israel and is focused on novel, highly selective, small-molecule drugs that target G-protein coupled receptors and ion channels. It has three drug candidates in clinical trials - one for generalized anxiety disorder, one for Alzheimer's and one for pulmonary arterial hypertension. Predix has six other programs in preclinical development.

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