QuatRx Pharmaceuticals sets IPO price talk at $11 to $13 per share for 6 million shares

By Jennifer Chiou

New York, April 4 - QuatRx Pharmaceuticals Co. set price talk at between $11.00 and $13.00 per share for its initial public offering of 6 million shares in an S-1/A filing with the Securities and Exchange Commission.

The company expects to raise up to $89.7 million in the IPO, which includes an over-allotment option of 0.9 million shares granted to the underwriters.

Banc of America and SG Cowen & Co. are the joint lead managers; Lazard Capital Markets and Pacific Growth Equities LLC are co-managers.

The Ann Arbor, Mich.-based firm is a pharmaceutical company focused on discovering, licensing, developing and commercializing compounds in the endocrine, metabolic and cardiovascular therapeutic areas.

The firm's two lead product candidates treat hormone deficiencies that result from aging in men and women.

Ospemifene, QuatRx's treatment for vaginal atrophy, a common problem associated with estrogen deficiency in post-menopausal women, has entered phase 3 clinical testing.

Fispemifene, the firm's treatment for the symptoms of andropause in aging males, is about to enter phase 2 testing. U.S. sales of testosterone replacement products reached $538 million in 2004, a growth rate of 40% versus the prior year.

QuatRx also has two product candidates for the treatment of elevated cholesterol levels, QRX-401 and QRX-431, in phase 1 clinical trials and advanced preclinical development, respectively.

IPO proceeds will be used for research and development and general corporate purposes.

QuatRx had a $37.16 million operating loss on no revenue for the first nine months of 2005 compared with an operating loss of $6.99 million for the same period in 2004.

MPM Bioventures III is the largest stockholder with 21.31 million shares for 27.5% of the pre-IPO total. TL Ventures is second with 9.36 million shares for 12.1% of the equity.

The company has applied to list its common stock on the Nasdaq National Market under the symbol "QTRX".

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.