Alkermes Inc. registered to sell 2 million shares ofcommon stock in a public offering intended to takeadvantage of the favorable market conditions, and toreacquaint investors with the company's programs.
Alkermes hasn't been to the public markets since afollow-on offering in November 1992. The Cambridge,Mass., company would raise $14.5 million in the publicoffering if the shares sell at Wednesday's closing price of$7.25, which was down 63 cents on the day.
Alkermes reported on June 30, 1995 that it had about$25.3 million in cash and 13.6 million shares outstanding.In addition to the $15 million or so it expects from theoffering, Alkermes is due $8.2 million from its RMP-7partnership by next June, and $7 million over the nextyear from Schering-Plough Corp. related to theirProLease collaboration.
Alkermes' ProLease technology is intended for thesustained-release delivery of peptides and proteins. Thedeal with Schering-Plough, of Madison, N.J., involves thelatter company's alpha interferon product, Intron-A.Alkermes also has ProLease collaborations with SouthSan Francisco-based Genentech Inc. relating to growthhormones and an undisclosed protein, and with Germany-based Boehringer-Mannheim GmbH involving anotherundisclosed protein.
The company's RMP-7 (receptor-mediatedpermeabilizer) product, designed to deliver drugs to thecentral nervous system, is in Phase II trials for recurrentglioma. Alkermes Clinical Partners L.P. is providing $46million for that program, which Alkermes can repurchase.The $8.2 million due from the partnership is the finalinstallment in that that arrangement. _ Jim Shrine
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