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Biotech Trius Therapeutics back on IPO calendar for week of July 26
Trius Therapeutics, which is developing an oral antibiotic for serious staph infections, kicked off a new IPO roadshow this week after temporarily postponing its IPO in March to adjust the Phase 3 protocol for its lead drug. The San Diego, CA-based biotech, which was founded in 2004 and posted $5 million in revenue from federal research funding in 2009, still plans to raise $78 million by offering 6 million shares at a price of $12-$14. At the midpoint, the company would command a post IPO market capitalization of $217 million, essentially unchanged from its proposed valuation in March. Last month, Trius announced that it reached a written agreement with the FDA on the design and endpoints of its planned Phase 3 trial for its lead drug torezolid phospate. The company also filed an amendment with the SEC in which Citi replaced Credit Suisse as the lead bookrunner. Piper Jaffray, Canaccord Genuity and JMP Securities remain the co-managers on the deal, which is now set to price the week of July 26, 2010. If successfully, Trius Therapeutics will become the first drug developer to complete an IPO since eye disease focused drug company Alimera Sciences (ALIM) raised $72 million on April 21, 2010. Alimera priced at $11 per share, but is currently trading 33% below its offer price.
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