After pocketing $10 million in a public offering of 1million shares last week, ImmuLogic PharmaceuticalCorp. is returning to the equity markets with expectationsof raising twice that amount.

Waltham, Mass.-based ImmuLogic has registered withthe Securities and Exchange Commission to sell another2 million shares. Based on a closing price Tuesday of$10.56 for the company's stock (NASDAQ:IMUL),ImmuLogic would raise more than $20 million.Following the offering, the company would have about 19million shares outstanding.

ImmuLogic completed its most recent offering lastThursday. All the shares were purchased by AmerindoInvestment Advisors, of San Francisco, which owns 10percent of the company.

The 1 million-share offering was less than other recentfollow-on public financings by biotechnology companiesand with current investor interest at heightened levelsindustry wide, ImmuLogic is anticipating continueddemand for its stock.

Vector Securities International Inc., of Deerfield, Ill., andHambrecht & Quist LLC and UBS Securities Inc., both ofNew York, are managing the offering.

In addition to the 2 million shares being sold, ImmuLogicregistered another 300,000 shares, which the underwritershave the option of purchasing to cover overallotments.

ImmuLogic has about $65 million in cash and at the endof the first six months of this year reported a net loss of$7.7 million.

The company'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. _ CharlesCraig

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