Calgene Inc. announced Thursday that it has filed a shelfregistration statement with the Securities and ExchangeCommission for 750,000 shares of common stock(NASDAQ:CGNE) to be offered by the company "from time totime." However, Calgene hopes to conclude the offering by theend of December, said Mike Motroni, the company's vicepresident of finance.
Although the company will decide when to sell the shares intothe market, Merrill Lynch will be the broker, with an initialfocus on the institutional side, Motroni told BioWorld.
This is Calgene's fifth trip to the public well. The Davis, Calif.,company grossed $31.5 million from its July 1986 initial publicoffering. Since then, it has raised $28 million through the saleof convertible exchangeable preferred shares in August 1989,$24.2 million from a follow-on in April 1991, and $22.5 millionin another follow-on of common stock in March 1992.
Calgene's most recent public offering was last January, when itsold 2 million shares of common stock at $14.75 per share,grossing $29.5 million.
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.
The stock gained $1.25 a share on Thursday, closing at $14.75.
-- Jennifer Van Brunt Senior Editor
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