SGX Pharmaceuticals files $80.5 million IPO

By Ted A. Knutson

Washington, Sept. 2 - SGX Pharmaceuticals, Inc. filed for an estimated $80.5 million gross initial public offering of common stock in an S-1 registration with the Securities and Exchange Commission.

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

Its primary drug candidate is Troxatyl, currently in a phase II/ III clinical trial for the third-line treatment of Acute Myelogenous Leukemia, or AML, a blood cancer.

The underwriters are CIBC World Markets, Piper Jaffray and JMP Securities.

SGX had a net loss of $18.75 million on total revenues for 2004 of $27.30 million. In the first six months of this year, the company suffered a loss of $7.07 million on revenues of $11.86 million.

Most of the revenue came from collaborations and commercial agreements.

The largest shareholder, Atlas Venture Funds, holds 22.85% of the pre-IPO stock in the company with 3.74 million shares. BA Venture Partners holds 22.61% of the stock with 3.71 million shares.

SGX has applied to have the stock approved for quotation on the Nasdaq National Market under the symbol "SGXP."

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