Repligen Corp. announced Thursday that it has completed apublic offering of 2.5 million shares of common stock at $6 pershare, netting $13.9 million.
The underwriters for the offering, which was filed with theSecurities and Exchange Commission on Nov. 23, are LehmanBrothers, Montgomery Securities and Robertson, Stephens & Co.They have the option to purchase an additional 375,000 sharesto cover overallotments.
Excluding overallotments, Repligen of Cambridge, Mass., has14.9 million shares outstanding. As of Sept. 30, 1993, thecompany had $25 million in cash and cash equivalents.Repligen expects to have a burn rate of $18 million for the yearending March 30. The company's last offering was in May1991, when it raised $25 million from the sale of 2 millionshares of common stock at $12.50 per share.
Repligen said proceeds from the current offering will be usedto fund clinical trials, research and development,manufacturing scale-up and facilities expansion. The companyhas four products in clinical trials: recombinant platelet factor-4 (rPF4) in patients with colon cancer, malignant melanomaand renal cell carcinoma; m60.1, an antibody-based therapeuticfor chronic lung inflammation under development with Eli Lillyand Co.; AM285 for treatment of cancer; and an HIV vaccine,RP400C.
Repligen's stock (NASDAQ:RGEN) closed at $6.50 per share onThursday, up 25 cents. -- Brenda Sandburg
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