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Cellomics cuts IPO range
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December 14, 2000: 12:53 p.m. ET
Biotech firm reduces price range of offering; two companies withdraw IPOs
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NEW YORK (CNNfn) - Biotech firm Cellomics Inc. sharply cut the size of its intial public offering Thursday, reflecting continued low institutional demand as the IPO year comes to a close.
Two more companies withdrew their IPOs due to the often-cited reason of "market conditions."
Cellomics cut its price range to between $8 and $10 from between $11 and $13, shaving about $37 million off the total amount it expected to raise. The company, which also moved its pricing date to next week, now plans to raise about $49.5 million selling 6 million shares.
Cellomics develops drug discovery tools which let customers analyze cells quickly. Cellomics plans to trade under the proposed Nasdaq symbol "CLMX" and the deal is led by Prudential Vector Healthcare.
Two companies pull plug
Aquacell Technologies Inc., also on the calendar for this week, decided to withdraw due to market conditions, according to Bob Grady, CEO of Grady & Hatch, the firm handling the deal.
Aquacell, which sells a patented refilling purified water cooler, expected to raise $8.75 million, selling 1.75 million shares at $5 per share. The company planned to trade on the American Stock Exchange as "AQA."
Electronic banking solution firm e-Proflie Inc. also withdrew its $50 million offering due to market conditions.
e-Profile had yet to set pricing terms, but was to trade on the Nasdaq as "EPRO." The deal was led my Merrill Lynch.
There is one deal still on tap for this week. Resources Connection plans to offer 6.5 million shares at $12 to $14 each Thursday night via lead underwriter Credit Suisse First Boston.
Resources Connection plans to offer 6.5 million shares at $12 to $14 each and will trade under the proposed Nasdaq symbol "RECN."
Resources Connection Inc. is the first Big Five accounting firm-related offering to hit the capital markets. The Costa Mesa, Calif.-based company is a former consulting division of Deloitte & Touche. Other Big Five members, which include KPMG, PricewaterhouseCoopers, Ernst & Young and Arthur Andersen, are also considering launching IPOs. 
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