After testing the IPO waters with a plan to sell shares for $12 to $14, San Diego-based Trius Therapeutics found investors in a frigid mood for a biotech with no products and no revenue. Trius ended up pricing its long delayed IPO at $5 a share, netting $45 million and change for its ongoing R&D work.
Trius has been engaged in developing new antibiotics, a lively field in drug development. But the markets have demonstrated little appetite for biotechs still focused entirely on the high stakes game of clinical research. Trius' shares started trading today under the TSRX brand on Nasdaq.
Just a few weeks ago Trius hammered out the design of its late-stage trial for oral torezolid phosphate. Trius originally mapped out its IPO plans last fall.