BioCryst Pharmaceuticals Inc. sold more than 1.5 million shares ofstock in a private placement, raising $8.5 million and giving thecompany more than a year of operating cash.John Higgins, director of corporate communications for BioCryst,said the Birmingham, Ala.-based company initially offered 1 millionshares for sale, but ended up with buyers for an additional 540,000.Price per share was $5.50 and the placement boosted outstandingshares to 9.45 million.The financing increases BioCryst's cash to about $15.2 million. Witha burn rate at the end of the first quarter, March 31, of about$850,000 a month, the company has 18 months of cash. Since it wasfounded in 1986, BioCryst has raised $41 million.The company's lead product, BCX-34, is a small molecule compounddesigned to inhibit purine nucleoside phosphorylase, an enzymelinked to proliferation of T cells.The drug, a topical treatment, has completed Phase II trials forcutaneous T cell lymphoma and Phase III studies are expected tobegin this summer.The compound also is being tested for psoriasis in a two-part Phase IIstudy. The first phase is complete and the second is under way.Higgins said a third Phase II trial of BCX-34 is expected to begin inthe next few months for eczema.BioCryst's stock (NASDAQ:BCRX) closed Friday at $6, down 12cents. _ Charles Craig

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