Ebb & Flow

Later-stage tests are upcoming. CancerVax, which has its melanoma vaccine in Phase III, kicked off its IPO road show last Monday. The company hopes to raise $72-$84 million through the sale of 6 million shares at $12-$14. Bankers are Lehman; Thomas Weisel; U.S. Bancorp Piper Jaffray; and Citigroup. The deal's slated to close about Oct. 29 or 30.

Meanwhile, Renovis delivered on IPO filing rumors floated earlier in the week, filing late Friday to raise up to $75 million through Goldman, Sachs; CIBC World Markets; SG Cowen; and U.S. Bancorp Piper Jaffray. The neurological company's Cerovive nitrone neuroprotectant, which it got through its 2002 acquisition of Centaur, is in Phase III trials for ischemic stroke through partner AstraZeneca (AZN). Renovis also has its REN-1654 neural anti-inflammatory in Phase II for neuropathic pain, and REN-213, a non-addictive opioid analgesic, is in Phase I for post-operative pain. In August, Renovis raised $45 million in a series E round. ...