Vestar Inc., which develops drugs to treat patients with cancer and serious infections, on Tuesday filed for a public offering of 2.5 million shares of common stock.
Vestar shares (NASDAQ:VSTR) closed down 75 cents at $16.75 on Tuesday.
Vestar's AmBisome liposomal formulation of the anti-fungal amphotericin B is sold in the United Kingdom, Ireland and Mexico. Fujisawa USA Inc. is developing AmBisome in the United States.
Earlier this month, the San Dimas, Calif., company reported promising data from Phase I/II trials of its second drug, DaunoXome, a liposomal form of the cancer drug daunorubicin. The drug is being tested in AIDS patients with Kaposi's sarcoma.
Vestar raised $15 million in April in a secondary offering of 2 million shares at $7.50.
If this offering is completed, Vestar will have 13.4 million shares outstanding. Underwriter Alex. Brown & Sons Inc. has a 375,000-share overallotment option.
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