Amylin Pharmaceuticals Inc.'s registration statement for the sale of2.3 million shares of stock for $10.8 million was declared effective,the San Diego company said Monday.
Three undisclosed investors purchased all the shares, at $4.75 apiece,which was between the bid and ask prices last Thursday. Amylin willnet about $10 million from the sale, which is expected to close thisweek, said Marjorie Sennett, Amylin's vice president and chieffinancial officer. Vector Securities International Inc., of Deerfield,Ill., was the placement agent.
Amylin now has about 23.2 million shares outstanding and about $30million in cash and equivalents, which should last until the end of theyear, Sennett said.
"We were very pleased with the offering because it was unusual inthis market to be approached by investors who were willing to buy insize and at market prices," Sennett said. "It strengthens our balancesheet and will aid us in consummating the type of strategic alliancethat will be in the best interest of our stockholders."
Sennett said Amylin plans, by mid-year or so, to have entered into analliance for AC137, its tripro-amylin compound that's in Phase IItesting in diabetics. The company plans the first of a series of PhaseIII studies by the end of the year to study AC137's potential tooptimize glucose control in diabetics.
Amylin's stock (NASDAQ:AMLN) closed at $5.63 per shareMonday, up 25 cents. _ Jim Shrine n
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