Went public 4/27/2000 at $10 apiece
Filing Range:8 mil. shares @ $15 to $17
Shares Outstanding:39.97 mil. shares
Underwriters:Salomon Smith Barney
CIBC World Markets/Credit Suisse First Boston
Total Revenue $39.57 $61.51
Net Income 5.67 9.25
Founded in July 1993, Praecis Pharmaceuticals is a drug discovery and development company with a lead product, abarelix-depot-M, for the treatment of hormonally responsive prostate cancer. To date, abarelix-depot-M has been tested in approximately 1,200 patients with prostate cancer at more than 100 clinical centers. The company expects to file a new drug application, or NDA, for abarelix-depot-M with the FDA by the end of 2000 and to globally commercialize abarelix-depot-M with its collaborators, Amgen Inc. and Sanofi-Synthelabo S.A. Praecis believes abarelix-depot-M works in a unique manner that will allow this drug to compete in the approximately $2.0 billion worldwide market for drugs used to treat prostate cancer. In addition to developing abarelix-depot-M, Praecis is developing abarelix-depot-F for the treatment of diseases in women that can be addressed by lowering estrogen levels. Abarelix-depot-F is now in phase II/III clinical testing. Pracecis developed abarelix using its proprietary technology, referred to as Ligand Evolution to Active Pharmaceuticals, or LEAP. This technology enables Praecis to rapidly analyze large numbers of molecules and identify those that have desired properties to be further developed into drugs.
Net proceeds will be used for the production of Abraelix, new facilities and other improvements, clinical trial expenses, and sales and marketing expenses, the acquisition of complementary businesses, products or technologies, and working capital purposes.
Sutter Hill Ventures, J.H. Whitney & Co., Greylock Management Corp., Chase Capital Partners, Zesiger Capital Group LLC
G. Leonard Baker, jr.
William Laverack, jr.