Medidata Solutions Sets IPO Terms

Medidata Solutions Inc., a New York-based provider of electronic data capture and data management software for clinical researchers, has set its IPO terms to 6.3 million common shares being offered at between $11 and $13 per share. It would have an initial market cap of around $290 million, were it to price at the high end of its range.

Medidata plans to trade on the Nasdaq under ticker symbol MDSO, with Citi and Credit Suisse serving as co-lead underwriters. The company has raised over $21 million in VC funding since 2002, from firms like Insight Venture Partners (33.9% pre-IPO stake), Milestone Venture Partners (7.6%), Stonehenge Capital Fund (6.1%) and Globalnet Partners. It filed for the IPO back in January.