SangStat Medical Corp. announced today that its underwriters,S.G. Warburg and Co. Inc. and Piper Jaffray Inc., have fullyexercised their option to purchase an additional 235,714 sharesof SangStat's common stock.
Sold at $7 per share, the overallotment raised more than $1.6million for the Menlo Park, Calif., company. SangStat said it nowhas approximately 1.8 million shares outstanding. The companyraised $11 million in its initial public offering of 1.57 millionshares, which was completed on Dec. 14, and has garnered atotal of about $12.7 million from the IPO.
SangStat's (NASDAQ: SANG) pipeline consists of drug productsto promote graft acceptance and treat acute graft rejectionepisodes, as well as transplant monitoring products to improvedonor/recipient compatibility and guide post-transplanttherapy.
SangStat's stock closed unchanged Tuesday at $7 a share. --Karl Thiel
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