By Karen Pihl-Carey

ImClone Systems Inc., Progenics Pharmaceuticals Inc. and Alexion Pharmaceuticals Inc. each completed on Friday three previously announced public offerings, raising the companies $81.8 million, $35.2 million and $42 million, respectively.

ImClone, of New York, offered 2.75 million shares of common stock at $32 per share. The company also granted the underwriters - Morgan Stanley Dean Witter, Merrill Lynch & Co., Prudential Vector Healthcare Group and Warburg Dillon Read LLC, all of New York - an option to purchase an additional 412,500 shares to cover overallotments. If the option is exercised in full, the company will have raised $94.3 million total, including underwriters' commissions and offering expenses.

ImClone remained in a "quiet period" on Friday and could not comment, a company spokeswoman said.

The company said it will use the proceeds to fund the expansion of clinical trials, as well as the costs of its new manufacturing facilities and general corporate purposes. It will also cover costs to develop a sales force in the U.S, the company said in an SEC filing.

ImClone's lead product candidate, C225, is in two pivotal Phase III trials for treating head and neck cancer. The antibody also is being tested in two Phase II trials in patients who have not responded to conventional therapies. The company also plans to test it in pancreatic, lung and renal cancers.

ImClone's cancer vaccine, BEC2, is in a Phase III trial as well, to treat limited-disease small-cell lung cancer. And the company expects to file an investigational new drug application in the fourth quarter to begin clinical trials of c-p1C11, its lead anti-angiogenesis product candidate.

Progenics, of Tarrytown, N.Y., priced its offering of 2 million shares of newly issued common stock at $19 per share. It granted the underwriters - CIBC World Markets Corp., Robertson Stephens, Prudential Vector Healthcare, Gerard Klauer Mattison & Co. Inc. and Punk, Ziegel & Co., all of New York - an option to purchase up to 300,000 additional shares to cover overallotments. If exercised in full, the option would raise the company an additional $5.7 million, bringing the total amount of net proceeds raised to $40.9 million.

Progenics intends to use its proceeds to advance its projects, as well as to acquire other programs and carry them through development. Its lead product, GMK, is in a Phase III trial for melanoma, while GGV is in Phase II for colon cancer. Progenics' lead HIV product, PRO 542 is in Phase II trials, with PRO 367 moving into Phase I/II trials.

Alexion, of New Haven, Conn., completed its follow-on offering of 3 million shares of common stock at $14 per share. U.S. Bancorp Piper Jaffray Inc., of Minneapolis, served as lead managing underwriter, with Hambrecht & Quist LLC, of New York, as co-managing underwriter.

Alexion plans to use proceeds from the offering to fund clinical and manufacturing development of 5G1.1, which is in Phase II trials to treat rheumatoid arthritis and membranous nephritis. Proceeds will also help fund general corporate activities, preclinical research, drug discovery programs and clinical and manufacturing development. In addition to 5G1.1, the company's 5G1.1-SC is in Phase II trials to treat acute inflammation caused by cardiopulmonary bypass surgery. The compound is being developed in collaboration with Cincinnati-based Procter & Gamble Co.

ImClone registered to sell 2.5 million shares in September, while Progenics and Alexion each registered to sell their shares in October. (See BioWorld Today, Sept. 23, 1999, p. 1; Oct. 15, 1999, p. 1; and Oct. 21, 1999, p. 1.)

Following the offerings, ImClone will have about 28.4 million outstanding shares, and Progenics will have 11.5 million shares outstanding. As of July 31, Alexion had 11.3 million outstanding shares. ImClone's stock (NASDAQ:IMCL) closed Friday at $36.875, up $2.375. Progenics' stock (NASDAQ:PGNX) closed at $20.375, up 1.312 cents. Alexion's stock (NASDAQ:ALXN) closed at $15.50, up $1.50.

ImClone reported a net loss of $11.1 million, or 44 cents per share, for the third quarter ended Sept. 30. At that time, the company had cash and cash equivalents of $1.2 million.

Progenics posted a net income of $1.5 million, or 13 cents per share, in its third quarter. The company had cash and cash equivalents of $23.4 million as of Sept. 30.

And Alexion posted a net loss of $6.4 million, or 57 cents per share, for its fiscal year ended July 31. The company posted a net loss of $4.2 million, or 37 cents per share, for the fourth quarter. The company had $28.3 million in cash and cash equivalents as of the fiscal year end.