Univax Biologics Inc. announced Friday that it has completed aprivate placement of about $10 million through the sale of 1.3million shares of common stock at $8.25 per share.
The agent for the placement was Prudential Securities. Univaxlast raised funds through its initial public offering of 4 millionshares in February 1992, which garnered $48 million. Thecompany attempted a follow-on offering in January, but pulledit a month later, citing uncertainty in the market.
With the current placement, Univax (NASDAQ:UNVX) will haveapproximately $34 million in cash and cash equivalents andapproximately 13 million shares outstanding.
The Rockville, Md., company has five products in clinicals,including the vaccines HyperGAM+ CF, HyperVAX+ Staph A andCryptoGAM for treatment of parasitic infections in people withAIDS.
Univax's stock closed Friday at $7.25 a share, down 25 cents. --Brenda Sandburg
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