By Lisa Seachrist

Washington Editor

Toronto-based Visible Genetics Inc. is seeking $186 million in a public offering it has registered with the SEC.

According to its prospectus, the pharmacogenomics specialist intends to sell 2 million shares of common stock at a price of $93 a share for general corporate purposes and potential acquisitions. The company could raise an additional $27.9 million should the underwriters exercise their overallotment option on another 300,000 shares.

The managing underwriters are FleetBoston Robertson Stephens Inc., PaineWebber Inc., Warburg Dillon Read LLC and Roth Capital Partners Inc.

Following the offering, the company will have 14.78 million shares of common stock outstanding. At the fiscal year ending Dec. 31, the company had $42.7 million in cash.

Visible Genetics develops, manufactures, and sells integrated DNA sequencing systems that analyze genetic information to improve the treatment of selected diseases. The company¿s OpenGene System consists of automated DNA sequencers, disposable gel cassettes, related equipment and software and disease-specific GeneKits. The company is targeting HIV as its first clinical diagnostic application.

By genotyping the resistance characteristics of the virus in HIV-infected patients, physicians can tailor therapy to individual patients. Patients whose HIV is managed in this fashion have greater reductions in viral load than those who are treated without the benefit of genotyping.

In addition to the HIV GeneKit, the company has developed a kit for HLA tissue typing. Visible Genetics is also in the process of developing GeneKits for hepatitis B, hepatitis C and tuberculosis.

Visible Genetics stock (NASDAQ:VGIN) closed Monday at $84.50 up $1.