Novagen's Glycotex sets IPO price talk at $8-$10 per unit, number of units at 3.75 million

By Ted A. Knutson

Washington, Nov. 30 - Glycotex Inc., a unit that is being spun off from Novagen Ltd., set the price talk of its initial public offering of common stock units, the company disclosed in an amendment to an S-1 registration statement with the Securities and Exchange Commission.

Glycotex plans to issue 3.75 million units at $8.00 to $10.00 per share.

There is a greenshoe for up to 562,500 units.

Proceeds from the IPO would be $33.75 million at the mid-point of the offering price range and $38.81 million if the over-allotment option is excercised in full. The company estimates net proceeds would be $30.07 million or $34.78 million if the greenshoe is exercised.

Each unit will be made up of one share of common stock and one warrant.

Janney Montgomery Scott LLC is the underwriter.

Glycotex is clinical stage biopharmaceutical company focused on discovering and developing a novel class of drugs for human wound healing and tissue repair.

The company hopes to be listed on the Nasdaq under the ticker symbol "GLTX" for its stock and "GLTXW" for the warrants.

Both Glycotex and its parent Novagen are based in North Ryde, New South Wales, Australia.

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