Gilead Sciences Inc.'s recent public offering became thebiggest equity market financing of the year in thebiotechnology industry when the Foster City, Calif.-basedcompany Friday sold another 528,000 shares, boostinggross proceeds to more than $94 million.
The additional Gilead stock was purchased by theunderwriters _ Robertson Stephens & Co., of SanFrancisco, and Hambrecht & Quist LLC, of New York _who exercised overallotment options.
Gilead completed the major portion of its public offeringAug. 17, 1995 selling more than 3.53 million shares at$23.25 per share for $81.96 million. Purchase of another528,750 shares increased the total to more than 4 millionshares for $94.25 million and net proceeds of $89million.
When Gilead registered for a follow-on offering July 14,1995 its stock (NASDAQ:GILD) was trading at $19.13.The company's shares closed Friday at $22.75, up $1.
The second largest offering this year was orchestrated byCephalon Inc., of West Chester, Pa., which raised $89million through the sale of 3.98 million shares earlier thismonth. Net proceeds totaled $84.4 million.
Gilead's most advanced product is the antiviral drug,Vistide, which is in Phase II/III trials for cytomegalovirusretinitis in AIDS patients. The company in Januaryreported results from a 48-patient, Phase II/III trialdemonstrating statistical significance in the drug's abilityto delay progression of the disease.
Gilead expects to file a new drug application with theFDA for Vistide by the end of this year. The drug, whosegeneric name is cidofovir, is one of the company'snucleotide compounds aimed at interfering with viralreplication. _ Charles Craig
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