Arena prices 6 mln IPO at $18/shr, above range
San Diego-based Arena raised $108 million in the pricing, which it will use for general corporate purposes, including working capital, research and development and clinical testing. The company had estimated that its shares would price at $15-$17 per share.
The company attempts to develop technology that identifies drug candidates more effectively than traditional techniques.
Arena, which used ING Barings as lead underwriters on the IPO, will trade under the symbol "ARNA" on the Nasdaq stock exchange.