Shares of Targanta began trading today at $10 a share, a significant discount under the $12 to $14 range it set for itself last month. That discount will cut the company's take from the IPO from a projected $92 million to $57.5 million. Targanta's trouble going public underscores the generally lackluster results biotech companies have been seeing this year on the public markets. Targanta plans to submit its antibiotic oritavancin for FDA approval in early '08. The biotech reported a loss of about $30 million last year. Targanta came in second on our list of the top five VC deals of the first half of 2007.
- see the release on the IPO
- here's the report from Mass High Tech
Read more on: Biotech IPOs