Medidata Solutions (MDSO) Prices 6.3M IPO at $14, Above Expected Range

June 25, 2009 8:43 AM EDT

Medidata Solutions (Nasdaq: MDSO) announced the pricing of its initial public offering of 6,300,000 shares of common stock at $14.00 per share, above the expected range of $11-$13. Medidata's common stock will commence trading on the NASDAQ Global Market on June 25, 2009, under the ticker symbol "MDSO."

In addition, selling stockholders have granted the underwriters a 30-day option to purchase up to 945,000 shares of common stock at the initial public offering price to cover over-allotments, if any.

Citi and Credit Suisse Securities (USA) LLC acted as joint bookrunning managers for the proposed offering. Jefferies & Company, Inc. and Needham & Company, LLC acted as co-managers.

Medidata Solutions is a global provider of hosted clinical development solutions that enhance the efficiency of clinical development processes and optimize research and development investments by streamlining the design, planning and management of key aspects of the clinical development process, including protocol development, investigator benchmarking and budgeting, contract research organization benchmarking and budgeting and the capture, management, analysis and reporting of clinical trial data.

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