Alliance Pharmaceutical Corp. announced that it has raised$16.4 million through the completed registration of 2.2 millionnew shares of its common stock (NASDAQ:ALLP). The shareswere offered last month in a private investment in publicentity (PIPE) placement.

All of the San Diego company's 21.2 million outstanding sharesare now trading publicly. Investors included MSX Public LifeSciences Fund, Manufacturers Life Insurance, Invesco StrategicPortfolios Inc., Global Health Sciences Fund, American EmergingCompanies Strategy Fund and Hentsch & Cie.

Shares in the November 1993 PIPE offering were sold atapproximately $7.50 each, a discount to their value at that timegiven with the understanding that they could not immediatelybe resold. The company's stock closed Thursday at $9 a share,up 50 cents. --Karl Thiel

(c) 1997 American Health Consultants. All rights reserved.