Texas Biotechnology Corp. (TBC) on Friday filed for an initialpublic offering (IPO) of 2.5 million units, each of which consistsof one share of common stock and one warrant to purchase oneshare at $6.50 to $8 per unit. The lead underwriter on theoffering is D. Blech & Co.
TBC of Houston is developing compounds to treatcardiovascular disease. Its research is focused on theendothelium, the layer of cells lining the blood vessels. Thecompany is developing proprietary molecules to treat variousdiseases, including arterial restenosis and atherosclerosis.
TBC formed a strategic licensing agreement with Genentech Inc.(NYSE:GNE) of South San Francisco, Calif., in June for itscompound Argatroban, an anti-thrombotic compound that iscurrently marketed in Japan through Mitsubishi Kasei. TBCexpects to begin Phase II clinical studies on the compound laterthis year.
TBC of Houston, which was founded in 1989, also reached anagreement in August with Pharmaceutical Discovery Corp.(PDC) to develop delivery formulations of certain TBCcompounds. That agreement enables PDC of Elmsford, N.Y., toapply its proprietary Technosphere system ofmicroencapsulation to the oral and injectable administration ofTBC's therapeutics.
TBC reaped $19 million in a first round of financing fromprivate investors in November 1991. David Blech (of D. Blech &Co.) and his brother, Isaac, put the financing together.
-- Jennifer Van Brunt Senior Editor
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