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IgX Corp

SUMMIT, N.J. – IgX Corp., a developer of drugs for the treatment of infectious diseases of the human gastrointestinal tract, filed to go public September 30. The company is offering 2.3 million shares at between $8 and $10 each. The initial public offering will leave 8.97 million shares of common stock outstanding.

The underwriter for the IPO is Josephthal & Co. Inc.

There are no selling shareholders. Henry Venture II and NEGF II, L.P. are venture backers.

IgX has developed three drugs with antibodies produced by hens to treat human gastrointestinal tract infections caused by parasites or bacteria.

The company’s lead product, IGX-CPL3, is designed to offer a treatment for cryptosporidial diarrhea, initially focusing on advanced-stage human immunodeficiency virus patients, an area where the company believes no effective treatment exists.

IgX will use the IPO proceeds, estimated at $18.1 million, for clinical development, research programs and general corporate purposes, including working capital.

The company has not been profitable since its inception in 1992, with losses climbing to $5.56 million in 1997 from $2.47 million in 1996 and $1.34 million in 1995.

Albert Henry, chairman of venture capital firm Henry & Co., has been chairman of the IgX board since February 1992 and chief executive officer since May 1998, also having held the position from 1992 to 1997.

Edwin Snape, who joined the board in January 1998, is a principal at New England Partners, the general partner of NEGF II, L.P.


Igx – Selected Financial

(in thousands, e xcept per share data)

Year Ended December 31 Six Months Ended June 30

1993 1994 995 1996 1997 1997 1998

Net income (loss) -279 -675 -1,337 -2,467 -5,555 -2,576 -3,640

Net income (loss) per share

-0.8 -1.52 -1.88 -3.48 -7.82 -3.63 -5.13