SciClone Pharmaceuticals Inc. announced last week that it hasraised close to $38 million in net proceeds from the redemptionof its warrants.
On July 9, the San Mateo, Calif., company called for theredemption of all 4.26 million of its outstanding redeemablewarrants. The warrants entitled the holder to purchase oneshare of common stock (NASDAQ:SCLN) at $9.43.
This gives SciClone more than $50 million in cash and short-term investments, said Mark Culhane, the company's directorof finance.
SciClone, which is developing thymosin alpha 1 (a drug itlicensed from Alpha 1 Biomedicals Inc.) for treating hepatitis Binfection, raised $22.4 million in its initial public offering of 3million shares of common stock at $7.25 a share and 3 millionwarrants at 20 cents per warrant in March 1992.
The stock closed Monday at $16.13 a share, up 25 cents.-- Jennifer Van Brunt
(c) 1997 American Health Consultants. All rights reserved.