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First Venture-Backed IPOs Since Facebook Have Mixed First Day of Trading

6/28/2012

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Two venture-backed companies launched their initial public offerings today, and had a mixed first day of trading.  Tesaro, a biotechnology company, and Exa, a simulation design software company, are the first venture-backed IPOs to begin trading since Facebook's IPO on May 18.

Tesaro priced its IPO at $13.50 per share, at the mid-point of its $12-$15 range, and raised $81 million in the offering for an IPO market capitalization of $360 million.  Tesaro's stock opened at $13.94 per share for an opening pop of 3.4% and closed at $13.69, up 1.4% from the IPO price.  Citigroup was the lead left book-running underwriter on the offering.  Venture capital investors in Tesaro include InterWest Partners, Kleiner Perkins Cauflied & Byers, New Enterprise Associates, Pappas Ventures and Venrock. 

Exa priced its IPO at $10.00 per share, below the offering range of $11-$13, and raised $63 million in the offering for an IPO market capitalization of $132 million.  Exa's stock opened at $10.01 per share, flat, and closed at $9.80, down 2% from the IPO price.  Stifel Nicolaus Weisel was the sole book-running manager on the offering.  Venture capital investors in Exa include Boston Capital Ventures and Edelson Technology Partners. 

It would have been nice for these companies to have strong performances for the day, but another test will be tomorrow's expected IPO of ServiceNow, an IT management cloud service backed by venture firms Greylock Partners, JMI Equity and Sequoia Capital.  ServiceNow plans to trade on the NYSE with Morgan Stanley as the lead left boor-running manager.

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Investing in Biotech Isn't Just for Investors Anymore: Xconomy

4/9/2012

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Biotechnology investing isn't for the faint of heart.  Long investment periods, the perils of the FDA approval process, and a high mortality rate are a few of the issues that confront biotechnology investors.  Venture capital investing in biotechnology start-ups has fallen off over the past few years, partly due to poor returns, but also because the long investment period doesn't work well in the typical 10-12 year life span of a venture capital fund.  Xconomy.com has a good article on the new trends in biotechnology investing that are emerging to address some of these issues, and it's worth a read.  Here's the link:   http://www.xconomy.com/national/2012/04/09/investing-in-biotech-isnt-just-for-the-investors-anymore/ 

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