Oncogene Science Inc. completed a $25.8 million public offeringThursday as both the shares and stock price increased during theregistration period.
The Uniondale, N.Y., company sold 2.825 million shares at $9.13each. Oncogene Science a month ago proposed selling 2.5 millionshares when its stock was trading at $8.88. Robertson, Stephens &Co. LLC, of San Francisco, managed the offering. (See BioWorldToday, Feb. 16, 1996, p. 1.)
The stock (NASDADQ:ONCS) gained 63 cents Thursday to close at$9.88. The company now has about 20.4 million shares outstanding.It had $24 million in cash on Dec. 31, 1995.
Oncogene Science focuses on gene transcription, or the process bywhich genes are switched on or off or modulated in one way otheranother. Those actions result in expression or inhibition of proteins.
The company's lead product, transforming growth factor-beta 3, is ina Phase I/II wound-healing study in Europe with partner Ciba GeigyLtd., of Basel, Switzerland. Oncogene Science also hascollaborations with Pfizer Inc., of New York; Hoechst MarionRoussel, of Frankfurt, Germany; and Wyeth-Ayerst Laboratories, aRadnor, Pa., division of American Home Products Corp. _ JimShrine
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