Genaissance looking to raise $66 million in IPO

Genaissance Pharmaceuticals has set its initial public offering at 6million shares within a price-range of $11-$13 per share, in the hope of raising about $66 million. The company plans to use the proceeds from the offering to purchase equipment to discover gene markers, increase its workforce, fund research programs and file additional patent applications. About 21.6 million shares of Genaissance will be outstanding once it goes public and the firm will have an initial market capitalization of around $260 million, based on a median share price of $12.