Sepracor Inc. said Friday it registered for a proposed offering of 3million shares of common stock, which would gross $36 millionbased on Friday's closing price.

The offering is being managed by Smith Barney Inc., of New York,and Volpe, Welty & Co., of San Francisco. Sepracor's stock(NASDAQ:SEPR) closed at $12 Friday, down 88 cents per share.

Sepracor, of Marlborough, Mass., reported $29.5 million in cash andequivalents on a consolidated basis on March 31. But taking away the$19.8 million in cash that was held by Sepracor's majority-ownedsubsidiaries _ HemaSure Inc. and BioSepra Inc., each spun off andtaken public last year _ Sepracor would have less than a year ofcash.

The company said it had 18.6 million shares outstanding, but wasunsure of how many it had on a fully diluted basis.

The company uses chiral chemistry to develop single-isomer forms ofexisting pharmaceuticals, and through a wholly owned subsidiary,supplies bulk quantities of chiral synthons.

Proceeds from the offering will be used to support development of R-albuterol, which is in Phase II trials for asthma; R,R-formoterol, inpreclinical testing for asthma; and terfenadine carboxylate, whichlicensing partner Marion Merrell Dow Inc., of St. Louis, has in PhaseIII trials. - Jim Shrine

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