Texas Biotechnology Corp. (TBC) announced Thursday that ithas raised close to $24 million in an oversubscribed initialpublic offering of 3.55 million units priced at $6.75 each.
The units, which represent one share of common stock and oneredeemable common stock purchase warrant, started tradingThursday on the American Stock Exchange under the tickersymbol TXB.E.
According to the company's prospectus, filed Oct. 28, theoffering was for 2.5 million units. D. Blech and Co. Inc. managedthe offering.
TBC, which is developing compounds to treat cardiovasculardisease, now has 12.5 million shares outstanding, according toStephen Mueller, the company's director of finance andadministration. He added that as of Sept. 30, TBC had $4.9million in cash and cash equivalents. -- Jennifer Van Brunt
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