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The Associated Press July 27, 2010, 1:36PM ET

Trius Therapeutics set to go public this week

Development-stage biotechnology company Trius Therapeutics Inc. expects to raise up to $84 million this week in an initial public offering.

The company is offering 6 million shares at an expected range of $12 to $14 per share. Meanwhile, the company is offering underwriters an option to buy up to 900,000 additional shares of common stock to cover overallotments. The company could sell up to $96.6 million in stock if the underwriters exercise that option.

Trius focuses on developing antibiotics. It currently has no products on the market and operates at a loss. It is preparing for a late-stage study on torezolid phosphate, an intravenous and orally administered antibiotic for the treatment of serious gram-positive infections, which include antibiotic-resistant Staphylococcus aureus, or staph, infections.

The company, based in San Diego, expects $70.9 million in net proceeds from the IPO, or $81.8 million if underwriters fully exercise their option to buy additional stock. Underwriters include Citigroup Global Markets Inc., Piper Jaffray & Co., Canaccord Genuity Inc., and JMP Securities LLC.

Trius said it would use about $55.1 million to fund research and development of torezolid phosphate. The remainder would be used for working capital and general corporate purposes.

The proceeds and existing funds should be sufficient to fund operations through the middle of 2012.

Shares of Trius would trade under the "TSRX" symbol on the Nasdaq Global Market.

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