Bayhill files IPO papers, hunts for cash

At least one biotech is out to brave the chilly waters of Wall Street. Looking to gin some capital to cover the cost of upcoming clinical trials, Bayhill Therapeutics filed an IPO at least tentatively designed to raise about $86 million. Its experimental therapies are in studies to determine their effectiveness in restoring "tolerance" in immune systems, a new category of drugs with no currently approved therapies on the market. Bayhill has lost $13.5 million in the nine months through September 30, not unexpected in a company with no products on the market. Palo Alto, CA-based Bayhill's lead therapy is for multiple sclerosis with another program for type 1 diabetes.

- read the AP report

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