Anthera looks to raise $70M with IPO

Anthera has no sales or profit, but the company is hoping to raise almost $70 million in an IPO offering this week. It will be a true test of the market's appetite for risky investment. But, if successful, could be a sign that the once-stagnant biotech IPO scene is on the rise.

On Tuesday Anthera will sell 4.61 million shares for $13 to $15 each. Anthera is focused on inflammatory diseases, with two programs looking to inhibit secretory phospholipase A2 enzymes. The company will use the proceeds from the offering to fund Phase III trials of its lead drug A-002; two other candidates are slated for Phase II testing.

Since its inception in 2004 the company has lost $65.2 million. Its venture backers include VantagePoint Venture Partners and Sofinnova Ventures, as well as hedge-fund firm Caxton Associates.

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