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Initial public offering nets U-M pharmaceutical spinoff more than $80 million

July 25, 2013 /

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The Montana World Affairs Council is a nonpartisan, nonprofit organization dedicated to fostering global understanding and awareness in Montana’s communities and classrooms.

OncoMed Pharmaceuticals, now based in Redwood City, California, is developing a series of drugs meant to combat the cancer stem cells that are responsible for driving the growth and metastasis of tumors. The company offered 4.8 million shares priced at $17 each, which was above the expected range.

"We’re pleased that OncoMed continues to move products resulting from U-M research forward in the clinical process," Ken Nisbet, director of the Office of Technology Transfer, said in a statement.

"Their IPO is a tremendous accomplishment, and we’re looking forward to seeing the drugs reach the market for the benefit of cancer patients worldwide."

By Ben Freed

Full Story: http://www.annarbor.com/business-review/initial-public-offering-nets-u-m-pharmaceutical-spinoff-more-than-80-million/?cmpid=RSS_link_business_review

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