Going public in last week’s turbulent market required a combination of high determination and low expectations.
As major stock indexes tumbled mid-week, three private equity-backed companies—
Shares of BioForm Medical, based in San Mateo, Calif., priced at $8 per share, below the anticipated $9 to $11 range. The stock closed at $8.55 in first-day trading Wednesday, and rose to $9 on Thursday.
BioForm, which develops injectable implant products for soft and hard tissue augmentation, raised $57 million in venture funding between 2000 and 2007.
ARYx Therapeutics, a Fremont, Calif.-based drug developer, also priced its 5 million share offering Wednesday, after cutting the anticipated price-per-share from about $15 to $10. Shares closed down 19% at $8 on Wednesday, before rising to $9 on Thursday.
ICx Technologies, a maker of security products used for the detection and prevention of chemical, biological and explosive threats, had a more disappointing debut. Shares of the Washington, D.C.-based company priced at $16, below the anticipated range of $17 to $19. The stock took a further tumble in first-day trading Thursday, closing down 20% at $12.85.