ImmuLogic Pharmaceutical Corp., which raised $10million in a public offering of 1 million shares lastmonth, added another $26 million Wednesday in a secondtrip to the equity markets.

The Waltham, Mass.-based company intended to sell 2million shares. Based on the $10.56 trading price of thestock (NASDAQ:IMUL) when it registered for theoffering, ImmuLogic expected to raise about $21 million.

Demand pushed the follow-on offering to 2.4 millionshares, which sold at $10.75 per share, for gross proceedsof $25.8 million. Net proceeds were $24.3 million.

ImmuLogic's stock closed Wednesday at $11.38, up 38cents. Following the offering, the company has about 19.5million shares outstanding.

Richard Small, ImmuLogic's chief financial officer, saidhis company's success was indicative of the "demand forcompanies like ImmuLogic. We have two products in latestage development, major corporate partnerships and we[held the offering] at a time when we have financialstrength. We didn't do it from any need for cash."

The offering gives ImmuLogic $88 million in cash. Forthe first six months of 1995, the company reported a netloss of $7.7 million.

In its public offering in August, all 1 million shares werepurchased by Amerindo Investment Advisors, of SanFrancisco, which owns 10 percent of the company.

Vector Securities International Inc., of Deerfield, Ill., andHambrecht & Quist LLC and UBS Securities Inc., both ofNew York, managed the most recent offering. In additionto the 2.4 million shares sold, the underwriters have theoption to purchase another 360,000 shares to coveroverallotments.

ImmuLogic's lead development programs involve itsAllervax products targeting allergies. The drugs are basedon use of allergy-causing proteins to affect the immuneresponse that triggers the allergic reaction.

The company has a collaboration with Germany-basedHoechst Marion Roussel Inc. for development of fiveAllervax products, including the two most advanceddrugs targeting allergies to cats and ragweed.

In addition, ImmuLogic has an agreement with Germany-based Schering AG to develop a peptide-based drug formultiple sclerosis and a deal with Merck & Co., ofWhitehouse Station, N.J., on treatments for Type Idiabetes and rheumatoid arthritis. n

-- Charles Craig

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