Penederm Inc., a company that specializes in technologies that allowdermatological disorders, has registered with the Securities andExchange Commission (SEC) for the sale of 1.7 million shares of itscommon stock (NASDAQ:DERM).These shares are currently being held by a number of the Foster City,Calif. firm's original venture capital and institutional backers, whonow wish to sell in the open market. "The lockup period for theirshares (vis- -vis Penederm's November 1993 initial public offering)expired this week," explained Edgar Luce, the company's vicepresident of finance.By registering the shares with the SEC, Penederm is "trying to helpmanage the sale . . . We hope that by gathering these shares togetherwe can make the transition into the marketplace without too muchdisruption," Luce told BioWorld.Assuming the underwriter (Volpe, Welty & Co.) exercises itsoverallotment option, about 2 million shares will be sold in thisoffering. But there are an additional 2 million shares still being held bybackers; these will be locked up for another six months or so, Lucesaid.Penederm's larger holders include New Enterprise Associates IV L.P.,Dillon Read & Co., Onset, Prince Venture Partners III L.P., Kleiner,Perkins Caufield & Byers, Sequoia Capital IV, Hughes AircraftRetirement Plans and Metropolitan Life Insurance Co., Luce said."This offering almost doubles our float," he added. The company hasapproximately 7 million shares outstanding. It sold 2.3 million shares at$11 in the IPO, grossing about $25 million. The stock closed Thursdayat $11.75. _ Jennifer Van Brunt
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