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Medidata Raises $88 Million in IPO

Monday, June 29, 2009 11:26 AM

Medidata Solutions priced its initial public offering last Thursday, following weeks of speculation over when the clinical trial software company might go public. Medidata raised $88.2 million on the NASDAQ exchange with 6.3 million shares of common stock priced at $14 a share, above its initial range of $11 to $13.

Medidata reported revenue of $105.7 million for 2008 compared with $63 million in 2007. Since its founding in 1999, Medidata has been unprofitable until its most recent quarter ended March 31, when it reported $1.7 million in net income.

Shares of Medidata Solutions rose as much as 36% to $19 in its first day of trading June 25. At press time today, shares had fallen back to $16.25 a share, still well above its pricing.

The company is trading under the symbol MDSO. 

Citi and Credit Suisse Securities acted as joint managers for the offering. Jefferies & Company and Needham & Company were co-managers.

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