Medidata Raises $88 Million in IPO
Monday, June 29, 2009
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.