Guilford Pharmaceuticals Inc. announced Friday thecompletion of its initial public offering of 1.875 millionshares at $8 per share. The offering grossed $15 million andnetted the Baltimore company $13.8 million.The offering was underwritten by D. Blech & Co. Inc.,which has an overallotment option of 281,250 shares.Guilford stock began trading on the NASDAQ marketunder the symbol GLFD.The company, on March 28, announced its registrationstatement for the IPO in which it proposed selling 2.8million shares at $8 per share. Guilford now has about 3.6million shares outstanding.Guilford has completed Phase III trials of its Gliadelimplant, a surgically implantable, biodegradable polymerwafer containing the cancer chemotherapy agentcarmustine. The company is seeking FDA approval tomarket the implant, which is being developed as atreatment for primary brain cancer.Another product, RTI-55, a dopamine imaging agent for thediagnosis of Parkinson's disease, is in Phase II trials. Acompetitive N-methyl-D-aspartate antagonist, NPC-17742,is being developed to treat epilepsy, stroke and headtrauma. _ Jim Shrine

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