Rib-X Pharma (RIBX) Cuts IPO Price from $12-$14 to $6-$7/Share

May 8, 2012 8:24 AM EDT
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According to an amended S-1 filing with the SEC Tuesday morning, Rib-X Pharmaceuticals (Nasdaq: RIBX) now expects to price 10 million shares of common stock in the range of $6-$7 per share for its initial public offering. The company had previously expected to sell about 5.77 million common shares in the range of $12-$14 per share.

Rib-X plans to list on the NASDAQ exchange under the symbol "RIBX."

The offering is being made through Deutsche Bank, William Blair, Lazard and Needham.

Rib-X is a biopharmaceutical company developing new antibiotics to provide superior coverage, safety and convenience for the treatment of serious and life-threatening infections. The company's proprietary drug discovery platform, which is based on Nobel Prize-winning science, provides an atomic-level, three-dimensional understanding of interactions between drug candidates and their bacterial targets and enables Rib-X to systematically engineer antibiotics with enhanced characteristics.

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Deutsche Bank, William Blair, Needham & Company, Lazard, S1

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