By Mary Welch

Staff Writer

Introgen Therapeutics Inc., which develops gene therapy products for the treatment of cancer and has a product in Phase III trials, filed to raise $92 million through an initial public offering.

The Austin, Texas-based company did not indicate how many shares would be offered or at what price. Currently, it has 10.27 million shares outstanding. The company, whose proposed Nasdaq ticker symbol is INGN, intends to use the money to advance the clinical trials of INGN 201, start product marketing and commercialization programs and advance process development and manufacturing capabilities.

SG Cowen Securities Corp., of New York, is lead underwriter, with Prudential Securities Inc., of New York, and US Bancorp Piper Jaffray Inc., of Minneapolis, acting as co-managers.

INGN 201, which combines the naturally occurring p53 tumor suppressor gene with the company's adenoviral delivery system, is starting Phase III trials in head and neck cancer. In addition, a Phase II trial is under way in non-small-cell lung cancer. Several Phase I trials are being conducted in a variety of cancers, including brain, bladder and liver. To date, more than 400 patients have been treated.

In 1994, Introgen signed a deal worth up to $50 million with Rhone-Poulenc Rorer Inc. (RPR), of Collegeville, Pa., to develop and commercialize gene therapy cancer products based on the p53 pathway and K-RAS inhibition. RPR has since become Aventis Pharma AG. Aventis owns 24.1 percent of Introgen, or 2.4 million shares. Introgen so far has received $44.5 million from that collaboration. (See BioWorld Today, Oct. 28, 1994, p. 1.)

The company, which has 56 employees, has identified and is developing additional gene therapeutics, including the cancer growth suppressor gene mda-7, PTEN and CCAM and associated vectors. The PTEN is a putative protein tyrosine phosphatase gene that is mutated in advanced brain, breast, and prostate cancer.

Founded in 1993 by the Austin-based investment group Texas Biomedical Development Partners, Introgen reported cash of $13.5 million as of Dec. 31. It posted year-end 1999 revenues of $8.6 million and a net loss of $2.6 million. It scuttled an IPO attempt in 1996, withdrawing its filing later that year, citing poor market conditions. (See BioWorld Today Sept. 4, 1996, p. 1.)