By
Donald Zuhn —

Over
the past five months, biotech and pharma companies have increasingly turned to
the stock market for much needed infusions of capital.  In August, Nashville-based Cumberland
Pharmaceuticals snapped a two-year industry dry spell when it conducted an initial
public offering (IPO) that raised $85 million (see "Is Biotech/Pharma Beginning to Bounce Back?").  And in October, Talecris Biotherapeutics
and Omeros Corp. conducted their own IPOs, raising $950 million and $68.2
million, respectively (see "Biotech/Pharma IPO Binge").  Meanwhile, Inspire Pharmaceuticals and
Seattle Genetics managed to raise $115 and $136 million, respectively, in public
offerings of their common stock, and Anthera Pharmaceuticals announced plans
for a $70 million IPO.

Coupled
with the (slow) rebound of venture capital funding, the recent announcements of
public offerings and registrations for public offerings are a possible
indicator that the biotech/pharma industry has begun to bounce back after
suffering through one of the worst economic downturns in history (see "NVCA Study Shows Increase in
Third Quarter Venture Funding").  A number of other biotech/pharma companies
have joined the IPO fray since our last report in October, including Trius
Therapeutic, Ironwood Pharmaceuticals, AVEO Pharmaceuticals, China Nuokang
Bio-Pharmaceutical, Rules-Based Medicine, Tengion, Codexis, Med BioGene, Alimera Sciences, and Aldagen.

•
In early November, Trius Therapeutics announced that it filed a registration statement with the U.S. Securities and
Exchange Commission (SEC) regarding a proposed initial public offering of
shares of its common stock. 
According to a FierceBiotech
report,
the San Diego-based biopharmaceutical company, which focuses on the discovery,
development, and commercialization of antibiotics, is looking to raise $86
million through its IPO.

• Late last month, Ironwood Pharmaceuticals
announced
that it filed a registration statement with the SEC relating to the proposed
initial public offering of shares of its Class A common stock.  According to a report
in The Boston Globe, the Cambridge,
MA-based pharmaceutical company has yet to announce the amount it expects to
raise via the IPO.

•
Earlier this month, AVEO Pharmaceuticals announced that it filed a
registration statement with the SEC regarding the proposed initial public
offering of shares of its common stock. 
The biopharmaceutical company, based in Cambridge, MA, focuses on
discovering, developing and commercializing novel cancer therapeutics,
including its lead product candidate, Tivozanib, a novel, highly potent and selective
oral inhibitor of vascular endothelial growth factor (VEGF) receptors 1, 2 and
3.  According to a report
on StreetInsider.com, the company
plans to raise $86.25 million through the IPO.

•
On December 10th, China Nuokang Bio-Pharmaceutical, which offers a number of
therapeutics for bleeding control and hematological, cardiovascular, and
cerebrovascular disease diagnosis, treatment, and prevention, began trading on the
Nasdaq Global Exchange under the ticker symbol NKBP.  The company's shares, which opened at $8.24, closed at $7.78
today (see StreetInsider.com report).

•
Last week, Rules-Based Medicine, which provides
protein biomarker products and services based on its Multi-Analyte Profiling
(MAP) technology platform, announced that it filed a registration statement
with the SEC for an initial public offering of up to $90 million of its common
stock (see StreetInsider.com report).

•
On Christmas Eve, Tengion announced
that it filed a registration statement with the SEC relating to the proposed
initial public offering of shares of its common stock.  The regenerative medicine company,
based in East Norriton, PA, has developed the Autologous Organ Regeneration
Platform in which biocompatible materials and a patient's own cells are
combined to regenerate diseased and failing organs and tissues (i.e., neo-organs and neo-tissues).  According to a report
in The Philadelphia Inquirer, Tengion
is looking to raise $42.25 million in the IPO.

•
Yesterday, Codexis announced
that it filed a registration statement with the SEC for a proposed initial public
offering of shares of its common stock. 
According to a Reuters report, the Redwood City, CA company,
which makes "super enzymes" for use in pharmaceutical, chemical, and
transportation fuel manufacturing and air and water treatment, plans to raise
$100 million in the IPO.

•
According to a report
on StreetInsider.com, Med BioGene
filed a registration statement today with the SEC for an initial public offering of
its common stock.  Med BioGene, which
is based in Vancouver, British Columbia, focuses on the development and
commercialization of genomic-based clinical laboratory diagnostic tests.

•
In addition to the above reports, Alimera Sciences and Aldagen have each
announced that they have refiled earlier IPOs.  According to a FierceBiotech
report,
Atlanta-based Alimera, which originally pulled a proposed $75 million IPO last
spring, has now refiled an IPO seeking to raise $80 million.  A report
in The Wall Street Journal indicates
that Aldagen, which tabled its earlier IPO in October
2008, has now refiled an IPO seeking to raise $80.5 million.  The Durham, NC-based biopharmaceutical
company develops regenerative cell therapies.

•
Finally, Vertex Pharmaceuticals announced
earlier this month that it had raised $500.5 million in a public offering of
its common stock.  The Cambridge,
MA-based biotech company focuses on the discovery and development of small
molecule drugs for treating viral diseases, cystic fibrosis, inflammation,
autoimmune diseases, cancer, and pain.

For
additional information regarding this and other related topics, please see:

•
"Biotech/Pharma IPO Binge," October 9, 2009
•
"Is Biotech/Pharma Beginning to Bounce Back?" August 12, 2009