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News > Deals
IPOs struggle to price
October 11, 2000: 7:29 p.m. ET

Biotech firm Introgen raises less than half the money it anticipated
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NEW YORK (CNNfn) - The initial public offering market struggled after another tough day for the Nasdaq Wednesday, with Introgen Therapeutics Inc. raising far less than anticipated.

Biotech firm Introgen raised $32 million by pricing 4 million shares at $8 per share, a far cry from the $65 million it was expected to receive. Introgen planned to price 5 million shares between $12 and $14.

Introgen is developing gene therapy products to fight cancer. It is entering phase three of testing its lead products, which is designed to reduce tumors by enhancing a naturally occurring gene.

Analysts were expecting a decent first day for the Austin, Texas-based company, as biotech stocks have performed well on their first days and a cancer drug should attract investors' attention. But the low pricing is a sign demand is not where the company and underwriters expected.

The company, led by SG Cowen, will trade as "INGN" on the Nasdaq. Back to top

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