Alliance Pharmaceuticals Corp. sold about 600,000 more shares thanexpected in a public offering of common stock that raised $14.5million for the San Diego-based company.
Gwen Rosenberg, Alliance's director of corporate communications,said the company had expected to sell 2.5 million shares, but at theclose of the offering the number of $5-shares sold totaled nearly 3.2million. The offering grossed about $15.9 million. More than730,000 shares were sold to institutional investors outside the U.S.
Including the offering, Alliance has 24.2 million shares outstanding.At the end of 1994, the company reported it had $20 million in cashand a burn rate of $7 million per quarter.
Proceeds from the stock sale will be used to support various productdevelopment programs, including LiquiVent, an intrapulmonary drugaimed at reducing morbidity associated with mechanical ventilationin the treatment of acute respiratory failures.
LiquiVent is one of two drugs based on Alliance's perfluorochemicaltechnology in clinical development. The other is Oxygent, atemporary blood substitute.
Oxygent, an intravascular oxygen carrier, is being developed througha collaboration with Johnson and Johnson, of New Brunswick, N.J.The drug is being tested as a substitute for allogeneic bloodtransfusions during elective surgery.
Alliance's stock (NASDAQ:ALLP) closed Friday unchanged at$5.12. _ Charles Craig
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