Opthotech Boosts IPO Size to as Much as $152 Million
Opthotech Corp. (OPHT), developer of eye-disease treatments, boosted the amount it plans to raise from a U.S. initial public offering to as much as $152 million.
The company is offering 7.6 million shares for $19 to $20 each, according to a regulatory filing today. Opthotech originally sought to sell 5.72 million shares for $16 to $19 apiece, based on a filing from September 9.
Investor interest in biotechnology companies is surging, with the Nasdaq Biotechnology Index up more than 50 percent so far this year. Other drug-related companies including Quintiles Transnational Holdings Inc. (Q) and Portola Pharmaceuticals Inc. also offered more shares in their IPOs to capitalize on rising stock prices.
Opthotech, based in Princeton, New Jersey, has no revenue and operates at a loss. The company plans to use the IPO proceeds to fund trials of its most-advanced candidate, Fovista, to treat wet age-related macular degeneration, or wet AMD. That disease, if untreated, can cause severe vision loss, according to the filing.
Quintiles, a provider of testing services to drugmakers, is up 6.5 percent since its May 9 debut. Portola, developer of treatments for blood clots, has surged 68 percent through yesterday since its IPO on May 22.
Morgan Stanley and JPMorgan Chase & Co. are managing the IPO. Opthotech plans to list on the Nasdaq Stock Market under the symbol OPHT.
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