Embrex Inc. announced Friday that the final net proceeds fromits secondary public offering were $10.8 million.
This includes the recent sale of an additional 54,217 shares ofEmbrex common stock (NASDAQ:EMBX) to the underwriters, ledby Josephthal Lyon & Ross Inc. and Foley Mufson Howe & Co. tocover overallotments. The underwriters also purchased 67,783shares separately from a shareholder to cover theseoverallotments.
In the offering, which closed Aug. 5, Embrex sold 1.8 millionshares of common stock at $6.75 per share. Includingoverallotments, the company now has 5,638,633 sharesoutstanding.
Based in Research Triangle Park, N.C., the company hasdeveloped and commercialized an automated system, calledInovoject, for vaccinating broiler chicks against commondiseases by injecting fertilized eggs. Embrex also is developingpharmaceutical and biological products for improving thehealth of poultry and reducing production costs.
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