SGX Pharmaceuticals sets IPO price talk at $11 to 13 per share

By Ted A. Knutson

Washington, Jan. 4 - SGX Pharmaceuticals, Inc. set the initial price talk for its planned initial public offering of stock at $11 to $13 per share for 4 million shares in an amendment to its S-1 registration with the Securities and Exchange Commission.

The greenshoe is for up to 600,000 shares.

At the midpoint of price talk, gross proceeds from the offering would be $48 million, rising to $55.2 million if the over-allotment option is fully exercised. At the midpoint of talk, the company estimated its net proceeds would be $42.6 million, rising to $49.3 million if the greenshoe is fully exercised.

CIBC World Markets and Piper Jaffray are joint bookrunners, and JMP Securities is a co-manager.

The San Diego-based developmental cancer drug company said most of the money from the offering will be used for research and development.

Its primary drug candidate is Troxatyl, currently in a phase 2/3 clinical trial for the third-line treatment of Acute Myelogenous Leukemia, or AML, a blood cancer.

SGX has applied to have the stock approved for quotation on the Nasdaq National Market under the symbol "SGXP."

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