The Immune Response Corp. (IRC), of Carlsbad, Calif., filed for a public offering of 2.4 million shares of its common stock. At the company's closing stock (NASDAQ:IMNR) price Wednesday of $11.062, the offering would raise it $26.55 million.
The offering is part of a shelf registration filed last July for 4 million shares. Of those 4 million, the company used 800,000 in a private financing last fall. With a remaining 3.2 million shares on the shelf, the company decided to draw down the 2.4 million for the public offering. (See BioWorld Today, July 21, 1999, p. 1.)
First Security Van Kasper, of San Francisco, and Gruntal & Co. LLC, of New York, are acting as placement agents for the shares. The offering also includes an option for an additional 360,000 shares to cover overallotments.
IRC plans to use all of the net proceeds for Remune manufacturing, product development and for working capital and other general corporate purposes. - Karen Pihl-Carey