CombinatoRx, Incorporated Announces Pricing of Its Initial Public Offering
BOSTON, Nov 09, 2005 (BUSINESS WIRE) — CombinatoRx, Incorporated (Nasdaq: CRXX) today announced the pricing of its initial public offering of 6,000,000 shares of its common stock at $7.00 per share, before underwriting discounts and commissions. All of the common stock is being offered by CombinatoRx. In addition, CombinatoRx has granted the underwriters an option to purchase up to an additional 900,000 shares to cover over-allotments, if any. SG Cowen & Co., LLC is acting as sole book-running manager, Pacific Growth Equities, LLC is acting as co-lead manager, and Lazard Capital Markets and A.G. Edwards are acting as co-managers for the offering. CombinatoRx's common stock is expected to be accepted for quotation on the NASDAQ National Market on November 9, 2005 under the symbol "CRXX."
Copies of the final prospectus for the offering may be obtained, when available, from SG Cowen & Co., LLC, Prospectus Department, 1221 Avenue of the Americas, New York, NY 10020. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on November 9, 2005. The public offering is being made by means of a prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
CombinatoRx, Incorporated is a biopharmaceutical company focused on developing new medicines built from synergistic combinations of approved drugs, designed to attack disease on multiple fronts. CombinatoRx applies its proprietary combination drug discovery technology to identify new combination product candidates in a number of disease areas, including immuno-inflammatory disease, oncology, metabolic disease, neurodegenerative disease, and infectious disease. By applying our proprietary screening technology, we have discovered and advanced into clinical trials a portfolio of seven product candidates targeting multiple diseases.
This press release contains forward-looking statements concerning CombinatoRx's, its plans for its product candidates, and plans for other research and development programs. These forward-looking statements involve significant risks and uncertainties, including those discussed in this release and others that can be found in the "Risk Factors" section of CombinatoRx's Registration Statement on Form S-1 on file with the Securities and Exchange Commission.
CombinatoRx is providing this information as of this date and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. Prior to this offering there has not been a public market for CombinatoRx's common stock. There can be no assurance that an active trading market for the common stock will develop following this offering. The market price of CombinatoRx's common stock may be highly volatile. No forward-looking statement can be guaranteed and actual results may differ materially from those CombinatoRx projects. CombinatoRx is at an early stage of development and may not ever have any products that generate significant revenue.
Robert Forrester, 617-425-7100
(c) 2005 CombinatoRx, Incorporated. All rights reserved.
SOURCE: CombinatoRx, Incorporated