Biopharmaceutical company Radius Health filed for an initial public offering on Tuesday that could raise up to $86.25m, less than two months after closing a $91m series D round. The major institutional shareholders in Radius are private equity firm MPM Capital (which holds 39.2% of Radius’ shares), medical foundation the Wellcome Trust (13.4%), venture capital firms Healthcare Ventures (10.7%), Saints Capital (8.7%), Oxford Bioscience Partners (6.4%), investment firm BB Biotech (8.9%), Biotech Growth (5.7%) and Brookside Capital Partners (5.7%), a fund affiliated with private equity firm Bain Capital. Radius also picked up financing from pharmaceutical corporations Ipsen and Nordic Bioscience in its series C round, while asset manager Scottish Widows Investment Partnership invested in both the series B and C rounds, but none appear to be shareholders in Radius at this juncture. GE Healthcare Financial Services, GE’s healthcare-oriented corporate venturing fund, extended $12.5m to Radius last year, along with Oxford Finance, but strictly as a debt facility. The proceeds from the IPO will be used to fund clinical trials for Radius’ most advanced drug candidates, including an injection and a microneedle patch for osteoporosis, and an oral treatment for hot flashes. The cash from any drugs that gain Food and Drug Administration approval could potentially bring in much needed revenues. Without income from its products, Radius posted a net loss of almost $42.5m last year, up from $14.6m the year before. Underwriters for the offering will be UBS Securities, Leerink Swann, Cowen and Company, and Rodman & Renshaw.
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Radius looks to square the IPO circle
Feb 8, 2012 • Robert Lavine
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