TheraTech Inc. announced Friday that it has filed a registrationstatement with the Securities and Exchange Commission for aproposed public offering of about 2 million shares of commonstock, most of which are being sold by the company.
The underwriters for the offering are William Blair & Co.,Kidder Peabody & Co. and Vector Securities International Inc.
Following completion of the offering, TheraTech will have 12.8million shares outstanding. The Salt Lake City company's lastoffering was in December 1992, when it raised $18.7 millionfrom the sale of 1.25 million shares of common stock.TheraTech raised $8.3 million from its initial public offering inMay 1992.
As of last Sept. 30 the company had $22.2 million in cash andcash equivalents. Stating that the company's burn rate is $7million per year, TheraTech's chief financial officer, StevenMayer, noted that the company is building a commercial scalemanufacturing facility that is to be completed in 1994.
TheraTech (NASDAQ:THRT) said it would use the proceeds fromthe offering for research and development of all its products,construction and initial operating expenses of its commercialmanufacturing facility, acquisition of equipment and forworking capital and general corporate expenses.
TheraTech has three products in clinicals: a testosteronetransdermal patch, an estradiol transdermal patch and Syntex'spain drug patch, which TheraTech is developing under a 1991agreement with Syntex. A nitroglycerin transdermal patch ispending FDA approval.
Mayer said TheraTech is increasing its efforts in the area oforal controlled-release delivery systems following its recentacquisition of technologies from OraMed Inc. (see BioWorld, Jan.6).
TheraTech's stock closed at $15 a share on Friday, down 25cents.
-- Brenda Sandburg News Editor
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