Trius Therapeutics, Inc. (NASDAQ: TSRX) managed to come public via an initial public offering this morning. The biotech outfit is “developing innovative antibiotics for serious, life-threatening infections”
Its IPO was 10,000,000 shares of common stock at $5.00 per share. This is a significantly larger number of shares ate a significantly lower share price. That $5.00 pricing is under the prior $12.00 to $414.00 range but that share sale of 10 million shares compares to an original estimate of roughly 6 million shares.
Citigroup was the sole book-running manager, Piper Jaffray & Co. was the co-lead manager, and Canaccord Genuity Inc. and JMP Securities were co-managers for the offering. Trius granted the underwriters a 45 day option to purchase up to 750,000 shares of its common stock at the IPO price to cover over-allotments at the underwriting group’s discretion.
Trius’ first product candidate is called torezolid phosphate, an IV and orally administered second generation oxazolidinone being developed for the treatment of serious gram-positive infections. This indication includes MRSA, a serious infection that hits thousands and thousands of hospital patients.
The company is also conducting two preclinical programs using its proprietary discovery platform to develop antibiotics to treat infections caused by bacteria of the gram-negative and gram-positive categories.
The company’s venture backers were selling shares in the offering:
- Sofinnova Venture Partners
- InterWest Partners
- Versant Venture Capital
- Prism Venture Partners
- Kleiner, Perkins, Caufield & Byers
The reception is muted so far. Shares opened at $5.10 and are currently at $5.00 with over 850,000 shares traded so far as of 10:36 AM EST.
JON C. OGG