Taking advantage of the financing window of opportunity, GuilfordPharmaceuticals Inc. on Tuesday joined the crowded field ofbiotechnology companies seeking to raise money.
The Baltimore company (NASDAQ:GLFD) registered to sell 2million shares of common stock in a public offering. Based onTuesday's closing price of $22.00, which was down $1.50 on the day,the equity financing would gross $44 million.
The company had $19.5 million in cash on hand at the end of 1995and 6.8 million shares outstanding.
The company's third offering comes soon after Guilford filed a newdrug application with the FDA seeking approval of Gliadel, a drugdelivery system that deposits a chemotherapeutic drug in the brainwhere a tumor was removed. (See BioWorld Today, Feb. 8, 1996,p.1.)
In addition to the Gliadel research, the capital offering will fund acollaboration with Tokyo-based Daiichi Pharmaceutical Co. Ltd. forPhase II research of Dopascan, an imaging agent used to diagnoseParkinson's disease.
Guilford's initial public offering (IPO) in August 1995 netted almost$18 million. The company sold 3 million shares at $6.50 each.Guilford followed its IPO with the sale of 1.8 million shares toinstitutional investors. (See BioWorld Today, Aug. 14, 1995, p. 1.)_ Michele Robinson
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