Neose Technologies Inc. priced its initial public offering (IPO) of2.25 million shares at $12.50 each Thursday night, grossing $28.1million for the company focused on complex carbohydrates.
Underwriters Smith Barney Inc., of New York, and Vector SecuritiesInternational Inc., of Deerfield, Ill., have an option on another337,500 shares. Neose, of Horsham, Pa., originally proposed the saleof 2.25 million shares at $12.50 to $14.50 each. (See BioWorldToday, Jan. 8, 1996, p. 1.)
The stock (NASDAQ:NTEC) debuted Friday with nearly 1 millionshares traded, and closed at $13.38.
Collaborator Abbott Laboratories purchased 160,000 shares in theoffering. Abbott, of Abbott Park, Ill., and Neose are applyingNeose's Multi-Transferase Reaction technology, which rapidlyproduces naturally occurring oligosaccharides, in the areas of breastmilk and infant formula.
In therapeutics Neose is using the technology to develop complexcarbohydrates for gastrointestinal and respiratory infections, as wellas prevention of xenotransplant rejection.
Neose now has nearly 7.8 million shares outstanding. Net proceedsfrom the offering were $26.2 million. At year's end, on Dec. 31,1995, Neose reported $11.2 million in cash and a net loss for the yearof $5.5 million. _ Jim Shrine
(c) 1997 American Health Consultants. All rights reserved.