Inhale Therapeutic Systems said Monday it completed its initial publicoffering, grossing $16.1 million, about half of what the company waslooking for when it filed its registration statement two months ago.The Palo Alto, Calif. company sold 2.15 million shares at $7.50 pershare, netting $14.4 million. It was looking to sell the shares at $11 to$13. Lehman Brothers Inc. and Volpe, Welty and Co. managed theoffering, and have an option to purchase 375,000 shares to coveroverallotments.Inhale now has about 8.6 million shares outstanding. It is trading underthe NASDAQ symbol INHL.The company said in March it had about $5.5 million cash.Inhale is developing a pulmonary drug delivery system applicable to arange of peptides, proteins and other macromolecules currentlydelivered by injection for systemic and lung diseases. _ Jim Shrine

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