PerSeptive Biosystems Inc. announced Tuesday that it hasraised $50.6 million in a special purpose offering to fund itsnew R&D spinoff, PerSeptive Technologies II Corp. (PCT II).
The 2.3 million units in the public offering consist of one shareof callable common stock of PCT II (NASDAQ:PTCCZ) and onefive-year warrant to purchase one share of PerSeptive commonstock (NASDAQ:PBIO). The units were sold at $22 each; theexercise price for the warrants is $33 per share.
The underwriters, Alex. Brown & Sons and Cowen & Co., havethe option to purchase an additional 345,000 units to cover anyoverallotments.
PerSeptive of Cambridge, Mass., filed for the special purposeoffering on Nov. 16. It formed PCT II as an independent R&Dcorporation to accelerate the development of its coretechnologies in large life-sciences markets, which are currentlynot addressed by PerSeptive's basic business of purifying andanalyzing biomolecules.
Specifically, PerSeptive has licensed to PCT II the application ofits core technologies in clinical diagnostic testing, therapeuticdrug screening, DNA and protein sequencing using massspectrometry, and DNA and peptide synthesis systems andrelated reagents.
PerSeptive's 1993 fourth quarter, which ended Sept. 30, was itsfirst profitable one. The company reported revenues of slightlymore than $6 million and net income of $46,000. Thecompany's stock closed Tuesday at $26.75 a share, down 75cents.
-- Jennifer Van Brunt Senior Editor
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