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Cancer drug developer Endocyte files for IPO

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Biopharmaceutical company Endocyte Inc., encouraged by the development of its cancer-fighting drugs, said Tuesday it has filed for an initial public offering.

The company, headquartered at Purdue University Park in West Lafayette, said the number of shares to be offered and their price range have yet to be determined.

Los Angeles-based Wedbush PacGrow Life Sciences and Milwaukee-based Baird will co-manage the offering.

Endocyte has a pipeline of drugs in development for the treatment of various cancers and inflammatory diseases, including six drugs in clinical trials.

At the World Conference on Lung Cancer in San Francisco last August, Endocyte announced positive results for its lead drug, EC145, in a Phase II non-small-cell lung cancer study.

And, in October, the company closed on $26 million in equity financing to help it continue developing the drugs.

Marcus Chandler, chairman of Barnes & Thornburg LLP’s entrepreneurial services practice group, said the IPO helps validate the state’s efforts to become a life sciences hub.

“Those [companies] that have been successful have merged into public companies,” he said, “so the Endocyte IPO is huge news and a huge step forward in creating credibility for our claim in Indiana to be a life sciences center.”

In any industry, IPOs always have been scarce in Indiana. Last year, there were just two. Evansville-based infant-formula-maker Mead Johnson Nutrition Co. staged a $782 million IPO in February, then promptly moved its headquarters to the Chicago area. In its December IPO, Carmel-based used-vehicle auctioneer KAR Auction Services Inc. raised $300 million.

Endocyte’s IPO is the third announced so far this year in Indiana. Fort Wayne-based Vera Bradley Inc., a handbag maker, filed plans last month to raise $175 million. Evansville-based UCI International, a supplier of replacement parts for the light- and heavy-duty vehicle aftermarket, said in July it plans to raise $200 million.

Nationally, the IPO market looks to be improving. So far this year 170 have been filed, topping the 119 filed in 2009 and the 153 in 2008.
 

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  1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

  2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

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