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Prometheus Laboratories Plans IPO
NEW YORK - 12.19.07 - Prometheus Laboratories Inc., which is
developing diagnostic tests and drugs to help doctors
individualize patient care, plans an initial public offering of
common stock, according to a Securities and Exchange Commission
filing Wednesday.
The San Diego-based company did not disclose the expected size
or price range of the IPO, but indicated the offering price may
total up to $100 million. Prometheus noted the total offering
price was estimated solely to calculate its registration fee and
may change.
Prometheus' strategy includes integrating prescription drugs and
diagnostic testing to provide doctors with a comprehensive
service. The company is focused on detecting, diagnosing and
treating gastrointestinal diseases and disorders.
For the nine months ended Sept. 30, Prometheus's earnings fell
to $9.6 million, from $22.6 million in the first nine months of
2006. During the same period, the company's revenue rose to
$165.1 million, from $132.9 million.
Prometheus' leading pharmaceutical product, Entocort EC
capsules, accounted for more than half of revenue. Prometheus
markets the Crohn's disease treatment in the U.S. under an
exclusive agreement with AstraZeneca PLC (nyse: AZN - news -
people ) that expires at the end of 2010.
An additional 33 percent of sales were derived from the
company's three leading diagnostic product groups.
Prometheus plans to use proceeds from the IPO for working
capital and general corporate purposes, which include licensing
and acquisition opportunities, research and development, sales
and marketing and capital expenditures.
President and Chief Executive Joseph M. Limber also serves as
chief financial officer and as a director. Previously, Limber
was a consultant and interim CEO for Deltagen Inc., a provider
of drug discovery tools and services to the biopharmaceutical
industry. He has also served as CEO of Aclara BioSciences Inc.,
now Monogram Biosciences (nasdaq: MGRM - news - people ) Inc., a
developer of technologies and systems for life science research.
Goldman Sachs (nyse: GS - news - people ) and Credit Suisse
Securities are serving as the IPO's lead underwriters. Banc of
America Securities, Cowen and Co. and Pacific Growth Equities
are also underwriting the IPO. |