TheraTech Inc. announced Friday that it has begun selling 2million shares of common stock at $13.63 per share, raising$27.3 million from its follow-on offering. An additional 75,000shares are being sold by a shareholder.
The underwriters for the offering, William Blair & Co., KidderPeabody & Co. and Vector Securities International Inc., have a30-day option to purchase up to 311,250 additional commonshares to cover overallotments.
The Salt Lake City company filed for the offering on Jan. 21(see BioWorld, Jan. 24). With completion of the offering,TheraTech will have 12.8 million shares outstanding. As ofSept. 30, the company had $22.2 million in cash and cashequivalents.
TheraTech's stock (NASDAQ:THRT) closed at $13.38 per shareon Friday, down $1.13.
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