Progenitor IPO forecasts up to $31.2 mil. in proceeds for the functional genomics firm.

Executive Summary

PROGENITOR SEEKING TO RAISE $27.1 MIL. IN INITIAL PUBLIC OFFERING of approximately 2.5 mil. shares at an estimated offering price of $12 per share, a June 6 prospectus states. Progenitor, a functional genomics company, is a subsidiary of Interneuron. The IPO would include an over-allotment option of 375,000 shares for underwriters Vector Securities International, Tucker Anthony and Genesis Merchant Group, which could increase net proceeds by $4.1 mil. Procceeds should keep the company operating for "at least the next 18 months," the prospectus estimates.