By Karen Pihl-Carey

COR Therapeutics Inc. plans to raise $150 million through a convertible subordinated notes offering.

The notes, due 2007, will be convertible into COR's common stock at a price to be determined. COR, of South San Francisco, also may issue an additional $50 million of notes to cover overallotments.

The company intends to use proceeds for costs associated with the marketing and selling of Integrilin injection, as well as research and development activities and general corporate purposes.

Integrilin, a synthetic peptide derived from the venom of the Southeastern pygmy rattlesnake, won FDA approval as an anti-clotting agent in 1998 for acute coronary syndrome (unstable angina and non-Q-wave myocardial infarction). It also is indicated for the treatment of patients undergoing percutaneous coronary interventions. (See BioWorld Today, May 20, 1998, p. 1.)

The peptide is in Phase II trials for heart attack patients. Phase III trials are expected to begin by the end of this year or early next year.

Earlier this month, the FDA halted a Phase III/IV study of Integrilin (eptifibatide) injection in patients undergoing coronary intervention with stenting because an interim analysis of patients showed a reduction of almost 50 percent in death or heart attacks, the principle endpoints. The company said it expects to file for approval with the FDA in the third quarter, so Integrilin can become the standard of care for patients undergoing intracoronary stenting. (See BioWorld Today, Feb. 7, 2000, p. 3.)

COR's stock (NASDAQ:CORR) closed Tuesday at $46.875, down $1.125.