Dec 18 Elixir Pharmaceuticals Inc, a company
focused on drugs for metabolic diseases like diabetes and
obesity, registered its initial public offering of 5 million
shares at an estimated price of $14 to $16 per share.
In an amended filing with the U.S Securities and Exchange
Commission, the company said it expects net proceeds of about
$67.1 million based on a $15 per share offering price and plans
to use them to fund the development of its experimental drugs
and for general corporate purposes.
Elixir had a net loss of $19.4 million, or $27.69 per
share, in 2006 and had spent $16.3 million on research and
development during the year.
The company will have 18.7 million shares outstanding after
the offering and a market capitalization of about $280.9
million based on the $15 per share offering price, the midpoint
of its estimated price range.
Elixir said Credit Suisse, Pacific Growth Equities and
Leerink Swann were underwriting the IPO and have an option to
purchase an additional up to 750,000 shares to cover over
It has applied to list its common stock on the Nasdaq
Global Market under the symbol "ELXR."
(Reporting by Anant Vijay Kala in Bangalore; Editing by Amitha