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Ann Arbor, Mich., Research Firm Makes Its Market Debut.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, August, 2000 by Bennett, Jeff
Aug. 11--An Ann Arbor research company -- trying to develop a drug to raise the level of "good cholesterol" in humans -- went public Thursday when shares of the company's stock began trading on the Nasdaq exchange.
Shares of Esperion Therapeutics Inc. rose 31 percent to close at $11.75 Thursday, up from its $9 initial public offering price. The shares were the second highest traded on Nasdaq, following Evolve Software Inc. of San Francisco, which doubled from $9 to $18. Evolve connects advertisers with clients.
Esperion raised $54 million by selling 6 million shares. It intends to use the money to develop and commercialize therapies, research and development and for licensing agreement payments, as well as for general purposes.
Roger Newton,...
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