PerSeptive Biosystems Inc. announced this week that it hasfiled a registration statement with the Securities and ExchangeCommission (SEC) for an offering of units to fund a newresearch and development spinoff, PerSeptive Technologies IICorp. (PTC II).

The registration statement covers the sale of 2.3 million unitsconsisting of one share of callable common stock of PTC II andone five-year warrant to purchase one share of PerSeptivecommon stock (NASDAQ:PBIO). At $22 per unit, the offeringcould raise $50.6 million to fund R&D activities at PCT II.

PerSeptive may purchase all of the stock of PCT II or certain ofthe PCT II programs at any time through the end of 1997 atincreasing prices. The underwriters for the offering, Alex.Brown & Sons and Cowen & Co., have an option to purchase anadditional 345,000 units to cover overallotments.

PerSeptive of Cambridge, Mass., formed PTC II to accelerate thedevelopment of its core technologies in large life sciencesmarkets, which are not currently addressed by its basicbusiness in the purification and analysis of biomolecules.

At the completion of this offering, PerSeptive will buy back thecommon stock of its first spinoff, PerSeptive Technologies Corp.,which it formed in 1992 to pursue clinical diagnostics anddrug- screening technologies.

PerSeptive's fourth quarter of fiscal 1993, ended Sept. 30, wasits first profitable one. The company reported revenues ofslightly more than $6 million and a net income of $46,000,compared with revenues of $2 million and a loss of $552,000for the fourth quarter of 1992).

The company's stock was unchanged Thursday at $26.50 ashare.

-- Jennifer Van Brunt Senior Editor

(c) 1997 American Health Consultants. All rights reserved.