Artes Medical IPO Underwhelms

Artes Medical Inc., a San Diego-based developer of injectable aesthetic products for the dermatology and plastic surgery markets, priced 4.6 million common shares at $6 per share ($12-$14 forecast), for an IPO take of approximately $27.6 million. It will trade on the Nasdaq under ticker symbol ARTE, while Cowan & Co. and Lazard Capital Markets served as co-lead underwriters. The company has raised around $61 million in total VC funding from backers like National Securities Corp., Empire Asset Management, Baltimore Business Leaders, NGN Capital, Peter and Georgia Angelos and Lon Otembra. www.artesmedical.com