Hoping to take advantage of October's warming trend in publicfinancing of biotechnology companies, several firms on Mondayannounced that they have filed for follow-on offerings. Theseinclude Alpha-Beta Technology Inc., Cell Genesys Inc. andAthena Neurosciences Inc. Among them, they could raise closeto $120 million if their stock prices hold. (See articles thisissue.)
October was the best month for biotechnology financings sinceJanuary. Companies raised $175.7 million from public sourcesand another $33.8 million from private coffers, bringing thetotal to $209.50 million. In January, public offerings -- bothinitial and follow-on -- brought in $452 million.
Two companies completed initial public offerings (IPOs) inOctober:
-- InSite Vision Inc. (NASDAQ:INSV) raised $33 million (3million shares at $11) on Oct. 19.
-- Aprogenex Inc. (ASE:APG) grossed $10.9 million (1.25 millionshares at $8.75) on Oct. 15.
Five companies completed follow-on public financings:
-- Amylin Pharmaceuticals Inc. grossed $25.3 million (2.3million shares at $11) on Oct. 7.
-- Envirogen Inc. (NASDAQ:ENVGU) raised $6 million (1.5million units at $4) on Oct. 13.
-- Ribi ImmunoChem Research Inc. (NASDAQ:RIBI) raised $13.5million (2.25 million shares at $6) on Oct. 22.
-- Cortech Inc. (NASDAQ:CRTQ) raised $35.25 million (2.35million shares at $15) on Oct. 26.
-- Cor Therapeutics Inc. (NASDAQ:CORR) grossed $51.75 million(3.45 million shares at $15) on Oct. 22.
In addition, five companies garnered money from privatesources:
-- Houghten Pharmaceuticals Inc. raised $6.6 million in venturecapital on Oct. 6.
-- Escagenetics Corp. (ASE:ESN) raised $8.1 million in a privateplacement of 1.8 million shares on Oct. 11.
-- MedClone Inc. raised $2 million in a private placement thatclosed Oct. 21.
--Celtrix Pharmaceuticals Inc. (NASDAQ:CTRX) garnered $12million from a private placement of 1.34 million shares ofcommon stock and a warrant to purchase 687,155 shares onOct. 28.
-- Progenics Pharmaceuticals Inc. raised $5.1 million in aprivate placement of convertible preferred stock on Oct. 28.
-- Jennifer Van Brunt Senior Editor
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