Calgene Inc. announced Friday that it has sold 750,000 sharesof common stock in a shelf offering registered with Securitiesand Exchange Commission on Dec. 9. Net proceeds to the Davis,Calif., company were about $9.23 million, or $12.30 per share,said Mike Motroni, Calgene's vice president of finance.
The shelf offering allowed Calgene (NASDAQ:CGNE) theflexibility of selling the shares from time to time, though thecompany had hoped to conclude the offering by the end of thismonth. In fact, essentially all 750,000 shares were sold lastThursday, with most of them going to several institutionalinvestors, Motroni told BioWorld. Merrill Lynch acted as thebroker.
As of Sept. 30, Calgene had close to 24.5 million sharesoutstanding. The company reported cash, equivalents andshort-term investments of $23.3 million for its first quarterand a net loss of $10.4 million. Calgene's stock gained 25 centsa share on Friday, closing at $13.13. -- Jennifer Van Brunt
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