The stock price of clinical trials software vendor Medidata Solutions Inc. rose more than 28% at the open of trading today following an initial public offering.
The New York-based company sold 6.3 million shares of stock at $14 per share, a dollar more than the original target price. The stock opened at $18 per share and by late morning was trading around $17.
The IPO is valued at $88.2 million, and up to $101.43 million if underwriters purchase another 945,000 shares to cover over-allotments.
Medidata has had strong revenue growth but heavy losses since 2004. The company in 2008 lost $18.3 million on revenue of $105.7 million, up 68%. The company's software enables the electronic capture, management and reporting of clinical trials data. Medidata in 2008 acquired Fast Track Systems Inc., a vendor of software to aid in designing, building, negotiating, budgeting and managing trials. More information is available at mdsol.com.
--Joseph Goedert
JUN 25, 2009 11:47am ET
Medidata Stock Up in IPO
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