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Drug developer Trius Therapeutics Inc. cut the expected price for its shares by 62 percent Monday after failing to generate enough interest in shares of its initial public offering last week.
Trius said in a regulatory filing Monday that it now hoped to offer 10 million shares for $5 each.
The company, which is based in San Diego, had expected to go public last week. It had then hoped to sell 6 million shares to initial investors for $12 to $14 apiece.
It now expects $45.6 million in proceeds, down from $70.9 million, which it intends to use to fund clinical trials and drug research.
Trius focuses on developing antibiotics. It currently has no products on the market and operates at a loss.
The company plans to list shares on the Nasdaq under the symbol "TSRX."