Tanox completes $244.2 million IPO

Tanox has completed its public offering of common stock, which offerednewly-issued shares at $28.50 each and raised $244.2 million. Net proceeds to the company were $225.9 million.

The funds will be used to further the progress of Tanox' lead product E25, an anti-immunoglobulin E antibody which is being developed in collaboration with Novartis and Genentech. E25 has successfully completed Phase III clinical trials in both allergic asthma and seasonal allergic rhinitis.

Tanox said it is also developing a number of monoclonal antibodies to treat other allergic diseases or conditions, such as severe reactions to peanuts, autoimmune diseases and HIV, and to restore the suppressed immune systems of chemotherapy patients.