Biotech Values

[DewDiligence]

Artes Medical Announces Pricing for IPO

[It looks like they left money on the table The original range for the IPO was $12-14 but the underwriters cut that to $6 after Cramer bashed the stock (#msg-15604041). It started trading today and the latest quote is 7.95. The high for the day was 9.50 and the low was 6.46, so buyers and sellers seem to be just as confused as the underwriters!

I’m bearish on the company for the reasons stated on this board on numerous occasions.]

http://biz.yahoo.com/bw/061220/20061220005237.html?.v=1

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Wednesday December 20, 8:00 am ET

SAN DIEGO--(BUSINESS WIRE)--Artes Medical, Inc. today announced the pricing of its initial public offering of 4,600,000 shares of common stock at a price of $6.00 per share. All of the shares are being offered by Artes Medical. Artes Medical's shares of common stock will be listed on the NASDAQ Global Market under the trading symbol ARTE .

Cowen and Company, LLC and Lazard Capital Markets LLC are acting as joint book-running managers for the offering, and Stifel, Nicolaus & Company, Incorporated is acting as a co-manager for the offering. Artes Medical has granted the underwriters a 30-day option to purchase up to an additional 690,000 shares of common stock to cover over allotments, if any.

…About Artes Medical, Inc.

Artes Medical is a medical technology company focused on developing, manufacturing and commercializing a new category of aesthetic injectable products for the dermatology and plastic surgery markets. The Company's initial product, ArteFill®, is a non-resorbable aesthetic injectable implant for the correction of facial wrinkles known as nasolabial folds, or smile lines, which is being marketed as a treatment for men and women. Additional information about Artes Medical and ArteFill is available at www.artesmedical.com and www.artefill.com.
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