Tucson-based drug developer ImaRx Therapeutics Inc., which filed May 5 for its second attempt at an initial public stock offering, is tentatively expected to go public on the Nasdaq Capital Market the week of July 16, according to Renaissance Capital’s IPOhome.com.
You can read details of ImaRx’s offering and view a video of the company’s “road show” presentation to investors here.
ImaRx, which intends to trade on the Nasdaq Capital Market under the ticker symbol “IMRX,” has said in filings to the U.S. Securities and Exchange Commission that it intends to sell 3 million shares of stock, plus an underwriters’ over-allotment of 345,000 shares, at an initial public offering price of $7.50 per share.
The company said net proceeds of about $18 million will help advance clinical trials of the firm’s “microbubble” blood-clot therapy for ischemic stroke; to rebrand and relaunch Abbokinase, a clot-busting drug ImaRx acquired from Abbott Laboratories in 2006; and to fund new-product development.
ImaRx withdrew an IPO last December initially priced at $10 to $12 per share, citing “unfavorable market conditions.”
Meanwhile, ImaRx founder and former CEO Dr. Evan Unger has voluntarily resigned from the company’s board of directors and stepped down as the head of the company’s scientific advisory committee, according the company’s IPO registration statement. Unger, a radiologist who formerly taught at the University of Arizona, is now on the staff of University Physicians Radiology. He remains ImaRx’s largest single stockholder.
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