LXR Biotechnology Inc. said Friday it completed its initial publicoffering (IPO) of 2.5 million shares of stock at a price of $4.50 pershare, grossing $11.25 million with a net of about $10.4 million.The underwriter for the offering was D. Blech & Co., which has anoption to purchase 375,000 shares to cover overallotments. The stock istrading in the American Stock Exchange under the symbol LXR.LXR, a Richmond, Calif., company specializing in apoptosis, filed itsregistration statement on Dec. 10, proposing a target range of $6 to $8per share. The stock closed Friday at $5.25.LXR was incorporated in April 1992 and aims to treat diseases wherethe disregulation of apoptosis, naturally occurring programmed celldeath, can play a role in the onset of or damage caused by suchdiseases.The company has demonstrated in in vitro tests that apoptosis can bemodulated with drugs. LXR also has developed drug-screening assaysthat test compounds for apoptotic or anti-apoptotic activity. LXR hasdeveloped lead compounds for its research and development programson cardiovascular disease, metastatic breast cancer andimmunosuppresive disorders.The company will use the proceeds from the offering to fund researchand development. _ Jim Shrine
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