The Liposome Co. Inc. (TLC) said Friday it completed a publicoffering of 3 million shares of stock at $9 per share, grossing $27million. The Princeton, N.J., company netted about $25 million fromthe offering.
Underwriters Hambrecht & Quist Inc., of San Francisco, and UBSSecurities Inc., of New York, have an option to purchase up to450,000 shares to cover over-allotments. (See BioWorld Today,March 23, 1995, p. 2.)
TLC now has about $87 million in cash and has been burning about$10 million per quarter. The company has 27 million sharesoutstanding. TLC's stock (NASDAQ:LIPO) closed Friday at $9 pershare, down 25 cents.
"We are very pleased to be able to complete such a substantialoffering," Brooks Boveroux, TLC's vice president, finance and chieffinancial officer, told BioWorld.
The company reported an operating loss of $10.3 million it the firstquarter that ended March 31, with revenues of about $1.9 million. Inthe first quarter of 1994, it had revenues of $3 million and a net lossof $6.8 million.
Proceeds of the offering will be used to help gear up forcommercialization of ABLC/Abelcet, or amphotericin B lipidcomplex, including expansion of manufacturing facilities andmarketing preparations. The company has filed for approvals in 18countries, has been granted approval in the U.K., and expects to file anew drug application in the U.S. by the end of the year, Boverouxsaid. TLC plans to market the product itself in the U.S.
Behind its lead product, TLC has liposomal formulations of two otherdrugs in late-stage testing. _ Jim Shrine
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