Voyager sets IPO at 5.9 million shares targeted at $15 to $19

New York, Oct. 13 - Voyager Pharmaceutical Corp. set the size of its planned initial public offering of common stock at 5.9 million shares and fixed a price range of $15.00 to $19.00 per share.

The deal also has a greenshoe for 885,000 shares, according to an S-1/A filing with the Securities and Exchange Commission.

WR Hambrecht + Co. is the underwriter for the sale, which will be sold using the bank's OpenIPO auction process.

The Raleigh, N.C.-based company is developing drugs associated with aging and development.

Its most advanced product candidate is Memryte, a small, biodegradable implant comprised of leuprolide acetate and a polymer, being developed for the treatment of mild to moderate Alzheimer's disease. According to Voyager, leuprolide acetate has been widely used over the past 20 years for the treatment of a number of hormone-related disorders, such as prostate cancer, endometriosis and precocious puberty, and has a well-established safety record in humans.

Voyager had a net loss of $11.6 million for the calendar year ended Dec. 31, 2004 and a net loss of $12.4 million for the first six months of 2005 with no sales.

The company hopes to be listed on the Nasdaq National Market under the ticker symbol "VYGR"

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