Tranzyme Moves Closer to IPO
Tranzyme Moves Closer to IPO [the News & Observer, Raleigh, N.C.]
From News & Observer (Raleigh, NC) (March 10, 2011)
March 10--Tranzyme took another key step toward making its Wall Street debut.
The Durham drug-development company reported in a regulatory filing that it expects to sell 5 million shares at $11 to $13 each.
Tranzyme first proposed an initial public offering of stock in November, but needed to disclose those terms before it could begin selling its IPO to potential investors.
A successful IPO would give Tranzyme more money to pay for further clinical tests of its drugs to treat gastrointestinal problems. It also could draw more investor attention to this region's drug-development industry, which hasn't had an IPO in several years.
Tranzyme is testing a drug that helps restart the body's GI functions after bowel or abdominal surgeries. Another experimental medicine treats a stomach condition that afflicts diabetics.
The company, which has been run by CEO Vipin Garg since 2000, employs 40 people.
The next step in the IPO will involve Garg and other Tranzyme officials visiting investors who run mutual funds in New York and other cities during the next several weeks to sell the company's story -- a process known as a "road show."
If all goes well, and the stock market stays steady, Tranzyme's IPO could happen as soon as this month, said John Fitzgibbon, publisher of IPOScoop.com in Edison, N.J.
Tranzyme has applied to list its stock on the Nasdaq under the ticker symbol "TZYM."
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Posted: March 2011
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