Sheffield Medical Technologies Inc. has enlisted the Fort Hill GroupInc. to help arrange financing, moved its headquarters and named achief executive.
The Houston company, which is moving to New York, primarily isengaged in the funding of research. It has five products in itsportfolio.
In August, Sheffield announced plans to raise $15 million in a stocksale in Europe. That arrangement was postponed, said HarveyKellman, the company's president who just assumed CEO duties.Kellman, who joined Sheffield in June as president, takes over asCEO from Douglas Eger, who will remain the company's president.
Sheffield said The Fort Hill Group Inc., of New York, agreed to bethe company's financial adviser and assist in a $3 million offering.
Kellman would not discuss the company's cash position except totell BioWorld "our cash position is sufficient so that we can continueour operations and will be able to bring the 1995 fund-raisingobjectives to a conclusion." _ Jim Shrine
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