Immunicon Corp and Corcept Therapeutics, the US drug developers, are the latest US initial public offerings from the biotechnology sector to cut their issue price, taking the total number to five in the past two weeks.

Immunicon has dropped its price range from $12 to $14 to between $9 and $11 for its six million share offering. This would value its IPO, due this week, at $60m (€50m).