Genelabs Technologies Inc. said Wednesday it completed a secondaryoffering of 2.35 million shares at $2.25 per share. The gross was about$5.3 million and the net about $4.55 million.The Redwood City, Calif., company originally filed a registrationstatement in March covering 4 million shares, then amended it to 3million shares in May before going into the market and selling 2.35million, 1 million of which were placed in Europe, Douglas Lee,Genelabs' chief financial officer, told BioWorld. Kemper SecuritiesInc. managed the offering.The company has about $14.9 million cash, based on March financialstatements. Lee said the company would not estimate its burn rate. Itnow has about 24 million shares outstanding.This was the company's first offering since its initial public offering inJune 1991 of 2.8 million shares at $9.13 per share, Lee said.Genelabs said it plans to use the proceeds for GL701, which recentlystarted a Phase II/III trial for lupus. It also plans to continuedevelopment of a vaccine for hepatitis E, and to continue research toidentify the causative agent for hepatitis X. _ Jim Shrine
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