ARYx Prices Low IPO

ARYx Therapeutics Inc., a Fremont, Calif.-based developer of retro-metabolic drugs, raised $50 million through its IPO. The company priced five million common shares at $10 per share, compared to an initial price range of $14-$16 per share.

ARYx will trade on the Nasdaq under ticker symbol ARYX, while Morgan Stanley served as lead underwriter. It had raised over $110 million in total VC funding since its 1997, from firms like MPM Capital (26.1% pre-IPO stake), Nomura Phase4 Ventures (19.5%), OrbiMed Advisors (14.6%), Ascent Biomedical Ventures, BioMed, JAFCO Life Science Investments, Scottish Widows Investment Partnership, Montreux Equity Partners and Novel Bioventures.