By Ronda Fears
Memphis, Jan. 31 - SGX Pharmaceuticals, Inc. priced its initial public offering of 4 million shares at $6.00 - at the low end of a reduced price range of $6 to $7, which had been lowered Tuesday morning from $7 to $8 a share. The price range originally was set at $11 to $13.
Joint bookrunners were CIBC World Markets and Piper Jaffray. JMP Securities co-manager.
San Diego-based SGX said most of the proceeds will be used for research and development. Its primary drug candidate, Troxatyl, is in phase 2 and 3 clinical trials for the third-line treatment of acute myelogenous leukemia, a blood cancer.
| Issuer: | SGX Pharmaceuticals, Inc.
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| Issue: | Initial public offering
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| Gross proceeds: | $24 million
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| Net proceeds: | $20.3 million
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| Shares: | 4 million
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| Greenshoe: | 600,000 shares
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| Price: | $6 per share
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| Price range: | $6 to $7
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| Bookrunners: | CIBC World Markets and Piper Jaffray
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| Co-manager: | JMP Securities
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| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 3
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| Stock symbol: | Nasdaq: SGXP
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