Date: May 08, 2012 Author: Tess Stynes Source: Wall Street Journal
DOW JONES NEWSWIRES
Rib-X Pharmaceuticals Inc. revised the estimated terms for its initial public offering, and is now planning to sell more shares at a lower estimated price.
The biopharmaceutical company expects to offer 10 million shares priced in an estimated range of between $6 and $7 apiece, according to its filing with the U.S. Securities and Exchange Commission.
The company last month had unveiled estimated terms for an IPO of roughly 5.8 shares priced in an estimated range of between $12 and $14 each.
The developer of antibiotics to treat serious and life-threatening infections in November had filed plans for an IPO worth up to $80 million to raise funds to further the development of its drug candidates. The company said its drug-discovery platform examines the interactions between drug candidates and their bacterial targets, which enables the company to engineer antibiotics with enhanced characteristics.
Its most advanced drug candidate, delafloxacin, is intended for use as a first-line therapy primarily in hospitals prior to the availability of a specific diagnosis. The company anticipates submitting a new drug application for delafloxacin for the treatment of acute bacterial skin and skin structure infections as early as the fourth quarter 2014.
The company's second product candidate, radezolid, is also an antibiotic designed to treat skin infections. Rib-X is also working to develop a drug candidate with partner Sanofi SA (SNY, SAN.FR).
Like many drug developers, Rib-X is unprofitable. Rib-X has no products approved for sale and hasn't generated any revenues from product sales since its inception.
The stock was approved for listing on the Nasdaq Global Market under the symbol "RIBX."
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com