Biophotonic imaging technology developer Xenogen has announced an initial public offering of 4.2 million shares of common stock. The shares will be priced at $7 per share and will be sold by the Alameda, CA-based company.
The firm has also granted the IPO’s underwriters an option to purchase an additional 630,000 shares to cover over-allotments, if any. Xenogen's common stock will be quoted on the Nasdaq stock exchange under the symbol "XGEN."
Xenogen said it has developed technologies to allow researchers to visualize and track biological processes in living animals, including gene function, the spread of disease, and the effects of a drug throughout the system. The firm incorporates luciferase (the gene which makes a firefly glow) into animals.
With Xenogen's genetically altered mice, scientists can create images of the biologic processes taking place within the animals, allowing for improved success rates in drug development, according to the company.
By AuntMinnie.com staff writersJuly 16, 2004
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