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Article Excerpt
Last week's initial public offering by Massachusetts biotech firm Acusphere Inc. is likely the first of what could be a dozen such stock offerings in the weeks to come.
This week, Carlsbad-based vaccine maker CancerVax Corp. and Advancis Pharmaceutical Corp. of Gaithersburg, Md., each plan to raise $78 million through investment house Lehman. A second local biotech firm, Xcel Pharmaceuticals Inc., is also set to make the move from private to public company.
Watertown, Mass.-based Acusphere Inc., which developed an ultrasound contrast agent, made its IPO debut Oct. 9 on the Nasdaq Stock Exchange under the symbol ACUS closed at $14.03 that day.
"It's not a bad sign that the price has held up nicely," said Patrick Schnegelsberg, analyst with Mehta Partners LLC in New York
"However, while the price has held up nicely, the jury is still out."
Other analysts agreed with Schnegelsberg that it's hard to say whether investors' interest was on...
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