Rib-X Pharmaceuticals IPO watch: According to the data of NASDAQ, Rib-X Pharmaceuticals expects to go public on May 8th, 2012. The company will sell 5.77 million shares of common stock in the public offering. The Rib-X Pharmaceuticals IPO price is anticipated to be between $12.00 and $14.00 per share. The common shares of Rib-X Pharmaceuticals will be traded on the NASDAQ Global Market under the symbol “RIBX.”
Deutsche Bank Securities is the lead underwriter of the Rib-X Pharmaceuticals IPO. The underwriting syndicate also includes William Blair & Company, Lazard Capital Markets and Needham & Company. The company has granted the underwriters an option to purchase up to 865,500 additional shares of common stock to cover over-allotments at the Rib-X Pharmaceuticals IPO price.
The net proceeds from the sale of 5,770,000 shares of common stock in the Rib-X Pharmaceuticals IPO will be approximately $66.2 million on a basis of an assumed initial public offering price of $13.00 per share, the mid-point of the previously set Pharmaceuticals IPO price range. The net proceeds will be used to fund clinical trial, ongoing research and development activities, pay scheduled principal and interest on borrowings, and other general corporate purposes.
Rib-X Pharmaceuticals is a biopharmaceutical company developing new antibiotics to the treatment of serious and life-threatening infections. The company has never achieved a profit since its foundation and do not expect to be profitable in the foreseeable future. During the period from 2007 to 2011, the company posted net losses of $31.17 million, $35.18 million, $28.20 million, $26.76 million and $53.47 million for the each year, respectively. The company began to generate revenues of 2.71 million for the first time in 2011; but currently, the company has no product approved for commercial sale and has not generated any revenue from product sales.
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Rib-X Pharmaceuticals IPO