Biopharmaceutical Firm Inhibitex Going Public, But at a Much Lower Price

Inhibitex, a biopharmaceutical firm based in Atlanta, issued a statement late Thursday saying that the company’s IPO is official.

Inhibitex (Nasdaq: INHX) is making available 5 million of its 18 million outstanding shares at a price of $7.
However, the price is much lower and the number of shares to be issued was cut from early predictions. The IPO was also delayed a week.

Inhibitex had projected an IPO based on $10 to $12 a share. That was cut to $7 to $8 this week, according to Dow Jones News Service.
The number of shares offered was reduced to 5 million from 5.9 million.

The company’s statement, which was issued well after the markets had closed on Thursday, said the underwriters had an option to sell up to 750,000 additional shares.

Inhibitex is focused on development of products to fight bacterial and fungal infections in hospital settings.

The IPO is being underwritten by Thomas Weisel Partners and Lazard.

Inhibitex: www.inhibitex.com