Icos Corp. has registered with the Securities and ExchangeCommission to sell the company's stockholders more than 8.6 millionshares through a rights offering aimed at raising up to $25 million.Janice LeCocq, executive vice president of finance and administration,expects the sale to be completed by late October or early November.Stand-by underwriters for the offering are Icos chairman, CEO andpresident George Rathmann and Microsoft Corp. head Bill Gates, aprincipal stockholder in the Seattle-based company.Proceeds will be used to fund Icos' primary drug developmentprograms for treatment of chronic inflammatory diseases, such asasthma, multiple sclerosis, rheumatoid arthritis and cardiovasculardisorders.LeCocq said the company's lead product is a monoclonal antibody fortreatment of multiple sclerosis. ICOS has filed an investigational newdrug application with the FDA to begin clinical trials of the drug.As of June 30, Icos (NASDAQ:ICOS) had $33 million in cash. It'sburn rate for this year is estimated at about $25 million or more than $2million a month. The company currently has 26 million sharesoutstanding.Under the rights offering of 8,625,000 shares, existing stockholders canpurchase shares at a discount. Rathmann and Gates will purchasewhatever shares are not bought by the company's stockholders.ICOS stock closed Thursday at $4.63 a share, up 13 cents. _ CharlesCraig
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