Amylin Pharmaceuticals Inc. sold 9.2 million shares at $16.60 each in a public offering, raising $152.7 million.

The share price was based on the volume-weighted average of San Diego-based Amylin's common stock on Jan. 16. The underwriters have a 30-day option to purchase up to about 1.3 million additional shares to cover overallotments.

Amylin's stock (NASDAQ:AMLN) rose 56 cents Friday to close at $17.57.

Amylin said in its prospectus it would use the proceeds for research and development, commercialization of Symlin - if approved - and general corporate purposes. It also said it might use a portion of the funds to invest in or acquire complementary products, technologies and businesses.

Symlin is designed to treat people with diabetes who use insulin. The product is a synthetic version of human amylin, a hormone secreted by the beta cells in the pancreas. The FDA in October 2001 told Amylin the product was approvable as an adjunctive therapy with insulin for the treatment of patients with Type I diabetes and insulin-using patients with Type II diabetes, if additional clinical trials provided positive results. In response, Amylin initiated a seven-month Symlin study that now is fully enrolled with 300 patients who have Type I diabetes. It also initiated four smaller studies, which are now complete. The 300-patient study is expected to be completed this quarter. If all goes well, Amylin expects to submit a new drug application amendment in this year's first half.

The company is planning to discuss with European regulatory authorities its options and requirements for approval of Symlin in Europe. In May 2001, Amylin filed a marketing approval application for the product there, but withdrew it in October. (See BioWorld Today, Oct. 25, 2002.)

The company also is developing AC2993, designed to improve glucose control in patients with Type II diabetes who are not achieving target blood glucose concentrations with diet and oral medications. The product is in Phase III trials and partnered with Eli Lilly and Co., of Indianapolis. (See BioWorld Today, Sept. 23, 2002.)

As of Sept. 30, Amylin had $180.4 million in cash, cash equivalents and short-term investments. It lost $31.1 million in the third quarter, or 39 cents per share. For the first nine months of the year, it reported a net loss of $80.6 million.

Goldman, Sachs & Co. is acting as book-running and joint lead manager for the offering. Other joint lead managers are Lehman Brothers, Morgan Stanley and Banc of America Securities LLC. Acting co-manager for the offering is Fortis Securities Inc.