By Ronda Fears
Nashville, Aug. 5 - Advanced Life Sciences Inc. got its initial public offering off, pricing an upsized 6.4 million shares at $5 each - far below the sweetened range of $8 to $9 a share, which was cheapened from original plans at $11 to $13. The issue was bumped up from 5 million shares.
CE Unterberg Towbin, ThinkEquity Partners and Merriman Curhan Ford & Co. were underwriters on the deal.
The Woodridge, Ill.-based company raised $32 million in gross proceeds from the IPO which, together with existing cash, are earmarked to continue clinical development of its lead drug candidate cethromycin, to repay debt and for general corporate purposes, including the continued development of other product candidates and working capital.
In addition, the company issued 600,000 shares to Abbott Laboratories in exchange for a $3 million reduction in milestone payments due with regard to their license agreement relating to the development of cethromycin - an antibiotic in phase III clinical development for the treatment of respiratory tract infections.
| Issuer: | Advanced Life Sciences Inc.
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| Issue: | 6.4 million shares, up from 5 million
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| Managers: | C.E. Unterberg Towbin, ThinkEquity Partners and Merriman Curhan Ford & Co.
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| Gross proceeds: | $32 million
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| Greenshoe: | 960,000 shares
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| Price: | $5 per share
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| Price range: | Revised: $8 to $9
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| Original: $11 to $13
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| Pricing date: | Aug. 5
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| Settlement date: | Aug. 10
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| Ticker: | ADLS
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