 |
 |
|
|
|
 |
|
|
|
 |
 |
|
|
-- VentureWire Lifescience 5/14/2007 --
|
|
Targanta Therapeutics Corp. filed an initial public offering Friday with the Securities and Exchange Commission to sell up to $86.25 million in common stock.
The company didn't disclose how many shares will be offered, nor did it provide an estimated price range for the IPO.
The Cambridge, Mass.-based biopharmaceutical company develops antibiotics for serious infections. The company is currently developing oritavancin, an antibiotic for the treatment of serious bacterial infections. The company expects to submit a new drug application with the Food and Drug Administration in the first quarter of 2008, according to its prospectus filed with the SEC.
Targanta's majority shareholders include: Brookside Capital Partners Fund LP, which holds a 15.2% stake; Intermune Inc., which owns 15.2%; Skyline Ventures, 13.2%; VenGrowth Private Equity Partners, 11.8%; OrbiMed Advisors, 11.1%; and T2C2/Bio 2000 societe en commandite, 7.3%; Canadian Medical Discoveries Fund, 7.1% stake, Seaflower Ventures, 7%; and Radius Ventures, 6.1%.
The company hasn't generated revenue since its inception in 1997. It recorded a net loss of $29.3 million in 2006.
The company said it intends to use the proceeds from the offering to fund costs in connection with its anticipated FDA application for oritavancin; to fund clinical trials and commercial launch-related expenses; to make regularly scheduled payments on existing debt facilities; and to apply the remaining funds for general corporate purposes and potential acquisition.
Credit Suisse, Cowen & Co., Lazard Capital Markets and Leerink Swann & Co. are listed as underwriters for the offering. The company said it plans to list its stock on the Nasdaq Global Market under the symbol TARG.
http://www.targanta.com
|
|
|
 |
|
|
|
|
|
|
|
 |
|
|
|
