Organogenesis Inc. completed a self-managed publicoffering of 230,000 units that raised about 15.2 million.

The units, priced at $66.25, consisted of five commonshares of Organogenesis and a five-year warrant topurchase one share. The per-share price of $13.25 was anapproximate average of the stock's (AMEX:ORG)closing price over 60 days.

The Canton, Mass. company's stock closed down 50cents after Tuesday's announcement of the completedoffering, and lost another 38 cents Wednesday to close at$13.88. Initially, Organogenesis filed to sell only 200,000units.

Organogenesis now has about 10.5 million sharesoutstanding and more than $18 million in cash on hand,said Curt Rodenhouse, vice president and chief financialofficer. With a quarterly burn rate of about $2.5 million,the company was near its last quarter of cash.

Organogenesis has completed trials of its lead product,Graftskin, for the treatment of chronic venous ulcers, andwill submit a premarket approval application by the endof the year, said Pauline Ryan, the company's associatedirector of business development. Pivotal trials ofGraftskin also have been completed in dermatologicalsurgery and in burns, but the data have not been analyzed.Trials are planned in diabetic ulcers and decubitus ulcers(pressure sores), she said.

Graftskin, which contains all the components in humanskin, is placed on the wound bed, cut to fit, covered witha film dressing and taped in place. It was compared to afour-layer compression wrap, the standard therapy, in the300-patient pivotal venous ulcer study.

In that study, Graftskin achieved complete wound closurein 61 percent of the patients vs. 44 percent in the controlgroup. The median time to complete wound closure _the study's other primary endpoint, was 57 days withGraftskin, 181 days in the control group. Statisticallysignificant results also were seen in varioussubpopulations. n

-- Jim Shrine

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