SOURCE: Novacea, Inc.

May 10, 2006 08:30 ET

Novacea Announces Initial Public Offering

SOUTH SAN FRANCISCO, CA -- (MARKET WIRE) -- May 10, 2006 -- Novacea, Inc. (NASDAQ: NOVC) announced today the pricing of its initial public offering of 6,250,000 shares of its common stock at a price to the public of $6.50 per share. All of the shares of common stock are being offered by the Company. Novacea has granted to the underwriters a 30-day option to purchase up to an additional 937,500 shares at the initial public offering price to cover over-allotments, if any. The shares will be quoted on the Nasdaq National Market under the symbol "NOVC."

Bear, Stearns & Co. Inc. and Cowen and Company, LLC acted as joint book-running managers with Pacific Growth Equities, LLC and HSBC Securities (USA) Inc. as co-managers.

A copy of the final prospectus relating to the offering, when available, may be obtained by contacting Bear, Stearns & Co. Inc. (383 Madison Avenue, New York, NY 10179; 631-274-8321), Cowen and Company, LLC (c/o ADP Financial Services, 1155 Long Island Avenue, Edgewood, NY 11710), Pacific Growth Equities, LLC (One Bush Street, Suite 1700, San Francisco, CA 94104; 415-274-6819) or HSBC Securities (USA) Inc. (452 Fifth Avenue, New York, NY 10018; 212-525-5000).

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 9, 2006. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to their registration or qualification under the securities laws of any such state.

About Novacea

Novacea, Inc. is a biopharmaceutical company focused on in-licensing, developing and commercializing novel therapies for the treatment of cancer. Novacea's in-licensed product development programs include three clinical-stage oncology product candidates. The company has one product candidate, DN-101, which is in a Phase 3 clinical trial for prostate cancer and a second product candidate, vinorelbine oral, which is expected to enter into a registration trial in late 2006 for the treatment of metastatic breast cancer. Novacea's third product candidate, AQ4N, is expected to advance into a Phase 1/2 clinical trial in the second half of 2006 for the treatment of glioblastoma multiforme.

Contact Information

  • Contact:
    Nina Ferrari
    Senior Director
    Investor and Corporate Relations
    650-228-1804