SangStat Medical Corp. announced on Monday that it has filed aregistration statement with the Securities and ExchangeCommission (SEC) for an initial public offering of 2.3 millionshares of common stock.

The Menlo Park, Calif., company is pricing its stock at $8 to $10per share, which could raise as much as $23 million. Theoffering is being managed by S.G. Warburg and Co. Inc. andPiper Jaffray Inc.

SangStat has been operating on venture capital funds andundisclosed fees received from its corporate partner, BaxterHealthcare Corp.

SangStat, whose business focus is on developing therapeuticmonitoring products for organ and cell transplantation as wellas drugs to promote graft acceptance and to treat episodes ofacute graft rejection, inked the deal with Baxter in May. Thetwo companies agreed to develop, manufacture, market anddistribute a line of pre-transplantation testing products.

Baxter of Deerfield Ill., paid SangStat an initial licensing fee,took a 5 percent equity position in the company, and agreed topay SangStat royalties and milestone-based licensing fees.

SangStat's latest round of venture financing -- its third -- camein July 1991. At that time it received $4 million from previousinvestors Partech International (an affiliate of the French bankParibas), Athena Ventures, Euro-America, IAI Venturepartners, Sequoia Capital, Siparex and Branco Weiss.

The company was founded in 1988 and operates a subsidiary,SangStat Atlantique S.A., located in Nantes, France.

-- Jennifer Van Brunt Senior Editor

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