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Cempra's $50M from shrunken IPO leaves development gaps in antibiotic programme

 
• By Nancy Faigen

The US antibiotics developer Cempra Inc, founded in 2006, has successfully gone public, but with a reduced offering. The Chapel Hill, North Carolina-based company raised $50.4 million with expected net proceeds of $46.7 million. But that fell well short of the $70-plus the company was looking for just two weeks ago, meaning that it will still need to raise more cash to complete development of its two lead candidate antibiotics.

The US antibiotics developer Cempra Inc, founded in 2006, has successfully gone public, but with a reduced offering. The Chapel Hill, North Carolina-based company raised $50.4 million with expected net proceeds of $46.7 million. But that fell well short of the $70-plus the company was looking for just two weeks ago, meaning that it will still need to raise more cash to complete development of its two lead candidate antibiotics.

In late January, Cempra had planned to sell six million shares at $11-13, potentially bringing in $66-78 million (scripintelligence.com, 19 January 2012) and valuing the company at nearly $190...

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