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 allotments.
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 Rajan)