BioCentury
ARTICLE | Finance

Ebb & Flow

April 12, 2004 7:00 AM UTC

IPO windows tend to stay open only so long as investors can see some upside from offering prices. Thus neurology company Memory(MEMY) and gastrointestinal company Santarus(SNTS) did their bit to maintain the window by taking significant haircuts on their prices over the past two weeks. Shares of both companies then rose in trading.

MEMY had been hoping to sell its shares at $13-$15 and ended up doing the deal at $7. SNTS's price range was $11-$13 and the company priced at $9. While SNTS took a smaller haircut, it also lowered the number of shares sold to 6 million from 7.1 million...