Alliance Pharmaceutical Corp. announced Tuesday that it hasraised $16.4 million through the private placement ofapproximately 2.2 million shares at $7.50 per share.
The company said the price represents a 10 percent discount tothe average closing price for the 10-day period prior to thedate of pricing the shares. The stock (NASDAQ:ALLP) closedTuesday at $9 a share, up 50 cents.
The financing was managed by Oppenheimer & Co. Inc.,Lehman Brothers and Cowen & Co.
Following completion of the offering, Alliance of San Diego nowhas 21.2 million shares of stock outstanding and $42.1 millioncash on hand. The company said its burn rate is approximately$2 to $2.5 million per month.
This is Alliance's first private placement. Its last public offeringwas in October 1991, when it raised approximately $67 million,selling nearly 3 million shares at $22.75 a share. The companyis developing pharmaceutical compounds based onperfluorocarbon and emulsion technologies, including OxygentHT for use as a temporary oxygen carrier and Imagent LN, acontrast agent for imaging lymph nodes with computedtomography.
-- Brenda Sandburg News Editor
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