After dropping its initial public offering range, DOV Pharmaceutical Inc. priced its public offering at $13 a share, selling 5 million shares and raising $65 million.

DOV filed for its IPO in January, estimating a maximum take from the offering of $86.2 million. In March, it set its range at $14 to $16 and its number of shares for the offering at 5 million. In early April, it increased its range to between $15 and $17. On Wednesday, it dropped the range to between $13 and $14, then priced at $13 for trading on Thursday. (See BioWorld Today, Jan. 30, 2002.)

Its stock (NASDAQ:DOVP) ended Thursday at $8.70, a loss of $4.30, or 33.1 percent.

Hackensack, N.J.-based DOV focuses on the discovery, in-licensing, development and commercialization of drug candidates for central nervous system, cardiovascular and urological disorders. It has five products in clinical trials.

The insomnia product NBI-34060 is licensed to Neurocrine Biosciences Inc., of San Diego. Neurocrine is conducting a Phase III program on NBI-34060 that will involve approximately 2,200 subjects. DOV has the potential to receive milestone payments and royalties on net sales.

Ocinaplon, for the treatment of anxiety disorders, including general anxiety disorder, is in one Phase II trial, with one finished. In the completed Phase II trial, ocinaplon demonstrated a highly statistically significant reduction of anxiety during the four-week study period using a number of anxiety measurements, with statistically significant effects measured as early as one week. DOV is developing ocinaplon through a joint venture with Elan Corp. plc, of Dublin, Ireland.

Bicifadine is designed to treat pain. The company started a 750-patient Phase II trial of its controlled-release formulation of bicifadine to treat acute dental pain and said it intends to initiate a Phase III trial program by the end of 2002. This drug also is being developed with Elan.

DOV 216,303 is DOV’s lead product for the treatment of depression. DOV plans to start a Phase Ib dose-ranging trial of DOV 216,303 by the end of 2002. DOV has worldwide rights to the product.

DOV diltiazem, a formulation of diltiazem, is designed to treat angina and hypertension. The company said it plans to begin a Phase III trial by the end of 2002 comparing the product to placebo and another marketed diltiazem formulation. DOV is developing the product through a collaboration with Biovail Corp., of Toronto. Biovail would market DOV diltiazem, with DOV having co-promotion rights, if the product is approved.

As of Dec. 31, DOV had about $13.6 million in cash and cash equivalents. It posted a net loss attributable to common stockholders of $5.7 million for the year, or $1.90 per basic and diluted share. Its pro forma loss per share was $1.11. The weighted average shares used in computing pro forma basic and diluted net loss per share were about 5.1 million.

DOV’s IPO was underwritten by CIBC World Markets Corp., Lehman Brothers Inc., Lazard Freres & Co. LLC and Fidelity Capital Markets, all of New York. The underwriters have a 30-day option to purchase 750,000 shares to cover overallotments.