4/27/15


Collegium Pharmaceutical, which is developing an abuse-deterrent oral formulation of oxycodone for pain, announced terms for its IPO on Monday. The Canton, MA-based company plans to raise $75 million by offering 5.8 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Collegium Pharmaceutical would command a market value of $256 million. Collegium Pharmaceutical, which was founded in 2002, plans to list on the NASDAQ under the symbol [COLL]. Jefferies and Piper Jaffray are the joint bookrunners on ...more


Keywords: COLL, Biotech

4/27/15


Anterios, which is developing a topical formulation of botulinum toxin, announced terms for its IPO on Monday. The New York, NY-based company plans to raise $51 million by offering 3.9 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Anterios would command a fully diluted market value of $182 million. Revance Therapeutics ([RVNC]), which is also developing a topical formulation of botulinum toxin, IPO'd in February 2014. It popped 68% on its first day and continued upward, but now trades ...more


Keywords: ANTE

4/27/15


Commercial Credit, which provides loans for the construction, waste and fleet transportation industries, announced terms for its IPO on Monday. The Charlotte, NC-based company plans to raise $116 million by offering 7.3 million shares (41% insider) at a price range of $15 to $17. At the midpoint of the proposed range, Commercial Credit would command a  market value of $278 million. Commercial Credit, which was founded in 2014 and booked $37 million in sales for the 12 months ended December 31, 2014, plans to list on the NYSE un...more


Keywords: CCR

4/27/15


aTyr Pharma, which is developing restorative protein therapeutics for rare muscular dystrophies, announced terms for its IPO on Monday. The San Diego, CA-based company plans to raise $75 million by offering 5.4 million shares at a price range of $13 to $15. At the midpoint of the proposed range, aTyr Pharma would command a fully diluted market value of $333 million. aTyr Pharma, which was founded in 2005, plans to list on the NASDAQ under the symbol [LIFE]. J.P. Morgan and Citi are the joint bookrunners on the deal. It is expected ...more


Keywords: LIFE, XLRN, Biotech

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As stated in the Prospectus, the total annual operating expenses for the Fund was 3.48%. The Adviser has contractually agreed to keep net expenses from exceeding 2.50% of the Fund's average daily net assets for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual re-approval of the agreement by the Board of Trustees.

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Definitions: The Renaissance IPO Index® is a stock market index based upon a portfolio of U.S.-listed newly public companies that includes securities prior to their inclusion in core U.S. equity portfolios. The S&P 500® Index is a stock market index based on the market capitalizations of 500 large companies whose common stock is publicly traded on the NYSE.

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