Endocyte readies $86M IPO for chilly market

Yet another biotech company with no product revenue and an abundance of risk is preparing to dive into chilly market waters. In this case the undaunted Endocyte, a developer relying on its platform for small molecule drug conjugates for cancer and inflammatory diseases, has filed plans for an IPO designed to raise up to $86 million. Endocyte has successfully raised about $90 million from venture backers so far, including a $26 million round last fall that was earmarked for its work on a...