September 5, 2013

Five Prime prices potential $56 million IPO at $12-$14 per share

Drug developer Five Prime Therapeutics Inc. priced its initial public offering of 4 million shares at $12-$14, which would raise $56 million at the top of its range.

That total is slightly less than the $60 million that the South San Francisco-based company planned to raise when it went public with its IPO plans in July.

Five Prime would use its IPO proceeds to fund two early-stage trials of drugs targeting rheumatoid arthritis and cancer.

Five Prime would be the fourth Bay Area biotech company to seek an IPO this year, following KaloBios Inc. (NASDAQ: KBIO),Portola Pharmaceuticals Inc. (NASDAQ: PTLA), both of South San Francisco, and Redwood City's OncoMed Pharmaceuticals Inc. (NASDAQ: OMED). It would trade on the NASDAQ as FPRX.

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