Ribi ImmunoChem Research Inc. announced Friday that it has completedits follow-on offering; the Hamilton, Mont., company grossed $13.5 million.
Ribi sold 2.25 million shares of common stock (NASDAQ:RIBI) at $6 pershare. The underwriter, Hambrecht & Quist Inc., has the option topurchase up to 337,500 additional shares to cover any overallotments.
Ribi had filed for a follow-on offering of 3 million shares in late January, butwithdrew in early April due to the weak market for biotechnology stocks.
The company, which is developing immunostimulants designed to beincorporated into vaccines for treating and preventing human disease, hasbeen public since 1981. It has completed two other follow-on offerings, inNovember 1982 and August 1985.
Ribi's stock closed Friday at $6 a share, off 38 cents. -- Jennifer Van Brunt
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