SGX Pharma lowers IPO price talk to $7-$8 per share from $11-$13

By Ted A. Knutson

Washington, Jan. 25 - SGX Pharmaceuticals Inc. lowered the price talk for its pending initial public offering of stock to $7 to $8 per share from $11 to $13 per share in an amendment to its S-1 registration with the Securities and Exchange Commission.

The number of shares in the offering remains the same at 4 million with a greenshoe of up to 600,000 shares.

The move cuts the expected net IPO proceeds to $42.6 million at the midpoint of guidance, or $49.3 million if the greenshoe is fully exercised.

CIBC World Markets Inc. and Piper Jaffray & Co. are joint bookrunners on the offering. JMP Securities LLC is a co-manager.

The company plans to list its stock on the Nasdaq National Market under the symbol "SGXP."

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

© 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.