Taking Stock of the Surging Market

//May 7, 2007

Biz BriefsThe recent run up in the Dow Jones Industrial Average, which thundered past the 13,000 mark late last month, has apparently spurred companies to step up their activity in the public-equities market. Just last week at least four New Jersey businesses across a spectrum of industries launched initial public offerings or issued new shares of stock.

Virgin Mobile USA Inc., a wireless-communications company based in Warren, announced it had filed for an IPO with the Securities and Exchange Commission. Virgin plans to list its common stock under the symbol ÂVMÂ on the New York Stock Exchange.

Another company, Ridgefield ParkÂs Vector Intersect Security Acquisition Corp. completed its $60 million IPO offering. It sold 7.3 million units at $8 apiece. Each unit was made up of one share of common stock and one warrant, or right to purchase additional shares at a specific price. Vector, which now trades on the OTC bulletin board under the symbol ÂVTRQU,Â is a Âblank check companyÂ that plans a merger, capital stock exchange, asset acquisition or other combination with an unidentified business in the security and defense segment.

Other deals during the week included Immunomedics Inc., a Morris Plains biopharma that agreed to sell 4.8 million shares of its common stock to institutional investors for a total of about $24 million. The company develops antibody-based products for treatment and diagnosis of cancer, autoimmune and other diseases.

Finally, Pharmacopeia Drug Discovery Inc. priced a public offering of 7 million shares of its common stock at $5 per share, before underwriting discounts and commissions. The Princeton company focuses on medical therapeutics products, and expects to net about $32.2 million from the stock offering. Pharmacopeia plans to use the funds for clinical trials and other corporate purposes.

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