Thursday, November 01, 2007

CIRM Director Nova Scores with IPO

It was not a bad financial week for Tina Nova, one of the directors of the California stem cell agency.

She is president of Genoptix of Carlsbad, Ca., which went public this week at $17 a share and then shot up at one point to $27.30. The shares closed at $24.97 today, up 27 cents for the day, even as the Dow Jones Industrial Averages plummeted 362 points.

Terri Somers of the San Diego Union-Tribune reported that the firm, which helps oncologists determine the best treatment for certain cancer victims, is the latest in a series of health-care connected firms to do well on their initial public offerings.

She wrote:
"Scott Sweet, managing director of, said investors were eager to snap up Genoptix shares after a recent surge in revenue that was atypical of a biomedical firm."
Dow Jones reported,
"Right now, what we have is a shortage of companies that actually have revenues and all that other good stuff," said Steve Brozak, a biotech and medical-devices analyst who is president of WBB Securities."

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