The antibiotic developer Targanta Therapeutics filed for an IPO designed to raise $86.25 million. In its prospectus the company says it plans to file for approval of its first product in early 2008. Like a lot of developers, Cambridge, MA-based Targanta so far has been operating steadily in the red. Last year it lost - backers would say invested -- $29.3 million. Targanta rounded up a whopping $70 million third round last February and has been preparing an NDA on oritavancin for skin infections.
- here's the AP report