CancerVax, Genitope and Myogen, three US biotechnology firms, have all priced their initial public offerings (IPOs) at the the bottom of their bookbuilding rage, highlighting a lack of demand for offerings from the sector.

CancerVax issued shares at $12 each on Thursday and raised $72m (€62m) from an offering led by Lehman Brothers. Despite pricing at the bottom of the range the shares only closed the day ay the issue price.