By Ronda Fears
Nashville, Sept. 29 - Avalon Pharmaceuticals Inc. priced its initial public offering of 2.75 million shares at $10.50 - at the low end of the guidance range of $10 to $12, via bookrunner W.R. Hambrecht & Co.
There is a greenshoe of 412,500 shares.
Germantown, Md.-based Avalon plans to use proceeds to fund clinical trials, development and selection of additional drug candidates, licensing, acquisitions, working capital, capital expenditures and general corporate purposes. The biotech firm is focused on the discovery and development of small molecule therapeutics for the treatment of cancer.
| Issuer: | Avalon Pharmaceuticals Inc.
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| Issue: | Initial public offering
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| Gross proceeds: | $28.875 million
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| Shares: | 2.75 million
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| Greenshoe: | 412,500 shares
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| Price: | $10.50 per share
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| Price range: | $10.00 to $12.00
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| Bookrunner: | W.R. Hambrecht & Co.
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| Co-managers: | Legg Mason Wood Walker and Susquehanna Financial Group
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| Pricing date: | Sept. 28
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| Settlement date: | Oct. 5
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| Ticker: | AVRX
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