UPDATE 2-Amicus Therapeutics shares close lower after debut

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NEW YORK, May 31 (Reuters) - Amicus Therapeutics Inc. (FOLD.O) shares closed down nearly 3.8 percent on Thursday in its market debut.

Shares of the clinical-stage biopharmaceutical company ended down 57 cents at $14.43 on Nasdaq.

Earlier on Thursday its shares had risen as much as 12 percent. They had priced at $15 on Wednesday, within an expected range of $14 to $16.

"I am surprised (underwriters) priced the stock at the mid-range. Anything in the biopharma space right now has to have a pretty picture to show to the investing public," said David Menlow, president of IPOfinancial.com.

For the year ended Dec. 31, 2006, Amicus posted a net loss of $46.3 million, compared to a net loss of $20 million in 2005, and a net loss of $8.8 million in 2004.

Investors may also have been wary because Amicus doesn't have any products approved, or nearing approval, by the U.S. Food and Drug Administration.

Amicus' drug candidates are either in a Phase II enrollment or clinical stage, according to an amended filing with the SEC.

Drugs generally aren't considered for approval by the FDA until completion of Phase III clinical trials, and acceptance of a New Drug Application.

"When you look at this company it is hard not to look at these losses, they just continue to worsen," said Menlow.

"And investors have very little to get their arms around expect what Amicus is working on, and how close (they are) to making this a reality."