Vivus Inc., which is developing a treatment for impotence, completedits initial public offering of 2.15 million shares of common stock at $14per share, the Menlo Park, Calif., company said Thursday.The offering grossed $30.1 million and netted $28 million.Underwriters were Invemed Associates Inc. and MontgomerySecurities.Vivus on Feb. 24 proposed offering 1.8 million shares priced between$13 and $15 per share. The completed offering gives the 3-year-oldcompany a market capitalization of about $156 million, making it thethird IPO of the year to break the $100 million barrier for post-IPOmarket capitalization. The first two were NeXagen Inc., of Boulder,Colo., and Igen Inc., of Rockville, Md.The company's lead product, Medicated Urethral System for Erection-alprostadil (MUSE-alprostadil), is in Phase III clinical trials. It is a non-invasive, single-use plastic applicator that delivers the generic drugalprostadil into the urethra. Alprostadil is a synthetic version of anaturally occurring vasoactive prostaglandin.Vivus has raised $34 million in four private rounds of financing since1991, the most recent, completed in July 1993, raised $25 million. _Jim Shrine
(c) 1997 American Health Consultants. All rights reserved.