By Mary Welch

Staff Writer

United Therapeutics Corp. raised $80 million privately by selling 2.5 million shares of its common stock to institutional investors for $32 per share.

"We cannot say anything about the placement because we are in a quiet period," said Therese Fergo, United's director of finance and investor relations. "We will file our registration statement early next week and details will be available then."

Prudential Vector Healthcare Group, a unit of Prudential Securities Inc., of New York, served as placement agent.

United's stock (NASDAQ:UTHR) closed Thursday at $36.25, down 12.5 cents. The company reported 15.8 million shares outstanding on Sept. 30, and a net loss of $24.7 million for the first nine months of the year. It had cash and equivalents of about $60 million.

The funds will be used for sales, marketing and business development purposes, including possible acquisitions.

The Silver Spring, Md.-based firm has several programs in various stages of clinical development. It recently completed enrollment in its second Phase III study of its lead compound, UT-15, to treat pulmonary hypertension (PH). The company expects to file a new drug application by the end of the third quarter 2000.

The second Phase III trial is being conducted at 15 medical centers in Europe, Israel and Australia and 19 centers in North America. The trials will determine the impact of continuous subcutaneous UT-15 therapy on exercise capacity at 12 weeks. (See BioWorld Today, Nov. 10, 1999, p. 1.)

The two Phase III trials for UT-15 will be the largest clinical study ever conducted for pulmonary hypertension, the company said. Some 450 patients with advanced PH at 40 medical centers eventually will be treated.

UT-15 is a synthetically designed variation of the prostacyclin molecule, which is naturally produced within the body in order to keep blood vessels healthy. People with pulmonary hypertension have diminished levels of prostacyclin in their lung's blood vessels.

In June the company raised $62.1 million in its initial public offering (IPO) of 4.5 million shares at $12 per share. The IPO raised $54 million, not including a 15 percent overallotment option, which was exercised in full. The option raised an additional $8.1 million.