D. Blech & Co., the underwriter of DNA Plant Technology Corp.'s(DNAP) recently completed public offering, has purchased500,000 additional shares to cover overallotments. Thepurchase brings net proceeds from the placement to about$18.9 million. DNAP sold a total of 4.5 million shares at $4.75per share.
At the time of the offering in January, E.I. du Pont de Nemours& Co. also sold 1 million shares of its DNAP stock(NASDAQ:DNAP). The Cinnaminson, N.J., company now hasapproximately 28.6 million shares outstanding.
Blech's activity on behalf of DNAP represents just one of fivebiotechnology financings his company has underwritten during1994. According to BioWorld's records, there have been 18public biotechnology financings announced or completed and20 private placements so far this year.
In addition to DNAP, the New York investment banking firmhas been involved in the offerings of Procept Inc. (a $20.5million initial offering), Phytera Inc. (a $10.1 million privateplacement) and Neurocrine Biosciences Inc. (a $30 millionprivate placement). Still pending is an offering by BioSepra Inc.(estimated at $19.5 million).
DNAP's stock closed at $5.13 a share on Monday, up 25 cents. --Karl Thiel03099DNAP
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