SangStat Medical Corp. announced that it has raised close to$11 million in its initial public offering (IPO).
The Menlo Park, Calif., company sold 1.57 million shares ofcommon stock at $7 per share. This was short of the goal statedin the prospectus, filed Oct. 18, of raising up to $23 million byselling 2.3 million shares at $8-10 per share.
The offering was managed by S.G. Warburg & Co. Inc. and PiperJaffray Inc. The shares started trading Tuesday on the NASDAQNational Market System as SANG.
With the completion of this offering, SangStat now has 7.5million shares outstanding. As of Sept. 30 it had cash and cashequivalents of $2.8 million, according to Philippe Pouletty,president and chief executive officer.
SangStat, which was founded in 1988, had been operating onventure capital funds and undisclosed fees received from itscorporate partner, Baxter Healthcare Corp.
SangStat's business is focused on developing therapeuticmonitoring products for organ and cell transplantation as wellas drugs to promote graft acceptance and treat episodes ofacute graft rejection.
The company operates a subsidiary, SangStat Atlantique S.A., inNantes, France.
SangStat's stock closed unchanged Wednesday at $7 a share.
-- Jennifer Van Brunt Senior Editor
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