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Array IPO up 17%
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November 17, 2000: 6:24 p.m. ET
Beacon, Dynacare also gain after all 3 sharply modify issues
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NEW YORK (CNNfn) - Three new issues ended with small gains Friday after they significantly revised their initial offering price range in the face of a slumping IPO market.
Array Biopharma Inc. rose $1.25, or nearly 17 percent, to $8.75, Beacon Power Corp. gained 72 cents, or 12 percent, to $6.72, and Dynacare Inc. climbed 31 cents, or about 3 percent, to $10.
Array Biopharma Inc. raised $48.75 million after selling 6 million shares at $7.50 each, below its revised price range, via lead underwriters Lehman Brothers. Array originally planned to sell 6 million shares at $10 to $12, which was cut to $9 to $11, and then chopped to $8 to $9.
Boulder, Colo.-based Array Biopharma Inc. (ARRY: Research, Estimates) is the latest genomics-related IPO to come to market. Array provides products and services to biotech and pharmaceutical companies, based on chemistry, to speed the development of drugs.
Customers include ICOS Corp. (ICOS: Research, Estimates), Eli Lilly and Co. (LLY: Research, Estimates) and Merck & Co. (MRK: Research, Estimates) Array currently has 7 patent applications pending.
Array had a loss of $3.1 million on sales of $2.8 million for the three months ended Sept. 30.
ARCH Venture Fund III L.P. will hold a 10.8 percent stake after the IPO.
Powering up
Beacon Power Corp. raised $48 million, but only after revising its deal a number of times. The company sold 6.5 million shares at $7.50 via lead underwriters Salomon Smith Barney late Thursday. Beacon originally filed 6 million shares at $10 to $12, which first was cut to $9 to $11, and finally to $8 to $9.
Woburn, Mass.-based Beacon Power (BCON: Research, Estimates) develops flywheel energy storage systems that provide uninterrupted electrical power for computers, the Internet, industrial manufacturing and commercial facilities.
Beacon's flywheel is an environment-friendly alternative to traditional acid batteries. The flywheel draws electrical energy from a primary power source, such as an electric grid or fuel cell, and stores it. Companies draw on the energy as a backup when their primary power source fails or is disrupted.
Beacon has yet to make its flywheels in large quantities and had no revenue for the nine months ended Sept. 30.
Dynacare Inc. sold 5 million shares at $10 each via lead underwriter UBS Warburg. The company originally filed to sell 5 million shares at $13 to $15 each and then cut its price range to $11 to $12 a share.
Toronto-based Dynacare (DNCR: Research, Estimates) provides clinical laboratory testing services in North America for body fluids such as blood and urine, as well as human cells. Customers include physicians, hospitals and other health-care providers. 
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Dynacare
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