OncoGenex Delays IPO
NEW YORK — Biotechnology company OncoGenex Technologies Inc. has pushed its initial public offering (IPO) into next week. AGAIN.
The Vancouver, British Columbia-based company originally planned to begin trading on the Nasdaq Stock Market Wednesday, but postponed the offering after a volatile day of trading on global markets Tuesday.
The initial public offering is now expected to trade Tuesday, according to underwriters RBC Capital Markets.
"Once again, clearly we have a situation where an already tough biotech market has been made tougher by the tone of the market and dedicated biotech buyers are taking a wait and see attitude," said Scott Sweet, managing director of IPOboutique.com, an IPO research service near Tampa, Fla.
The delay comes after the company lowered its estimated IPO price range to $7.50 to $8.50 a share, from $10 to $12 in an amended filing with the Securities and Exchange Commission Thursday.
The underwriters also increased the size of the offering to 5 million shares from 4.5 million shares.
OncoGenex is attempting to commercialize new cancer therapies that address treatment resistance in patients.
The stock will trade under the ticker symbol "OGXI." By the time the initial IPO for the stock sells, and after what the market did today [down nearly 1%] this IPO might be at 5 dollars!!!
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