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Financial Services

A return to IPO goodness… or not

By Seattle Business Magazine October 8, 2009

In case you weren’t paying attention, Omeros went public today, the first Washington state IPO in two years. However, instead of the once-predictable and still-hoped-for run-up in stock price following the offering, Omeros’ shares promptly dropped below the $10 offering price. So we’re not yet back in the halcyon days of dot-comania. But there was…

In case you weren’t paying attention, Omeros went public today, the first Washington state IPO in two years. However, instead of the once-predictable and still-hoped-for run-up in stock price following the offering, Omeros’ shares promptly dropped below the $10 offering price.

So we’re not yet back in the halcyon days of dot-comania. But there was this little tidbit in the story that might sound familiar to those who remember the insane dot-com rush:

  • “Omeros has no products on the market, and all its revenue so far has come from grants.”

No products, no revenue… just like old times!

Omeros raised $68.2 million in its public offering. The biopharmaceutical company will trade on the Nasdaq stock market under the symbol “OMER.”

Related IPO news: Symetra Financial dusted off its S-1 from a couple years back and re-filed, this time seeking to raise $575 million.