Tranzyme rips up old IPO plan as it goes public

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Demonstrating once again just how hazardous it is to launch a biotech IPO, Tranzyme Pharma ($TZYM) was forced to cut its share price from an $11-to-$13 range down to a mere $4 to get out on the public market. And it almost tripled the number of shares on offer, to 13.5 million. The IPO was originally intended to raise $53.8 million. The revised offer will net closer to $48.2 million. Tranzyme's lead program is a GI drug in Phase III, leaving investors with a high-risk profile and no dependable revenue to count on. Shares were trading at $3.99 this morning, barely holding their own. Story