Alamar Biosciences Inc. announced Thursday that it hasinitiated the first of three separate offerings of units to privateinvestors. The Sacramento, Calif., company said it expects toraise a total of $2 million.
Each unit consists of one share of common stock(NASDAQ:ALMR) and one warrant to purchase a share ofcommon stock. The terms of the warrants are the same as thecompany's public warrants (NASDAQ:ALMRW). The first of thethree offerings involves soliciting the company's privatewarrant holders to convert their warrants into units. Thesecond offering will place $500,000 in units intoCommonwealth Associates Growth Fund Inc. And the finaloffering will involve Alamar's placement agent, CommonwealthAssociates, seeking to raise $1-2 million in a Regulation Soffering of overseas units to non-U.S. investors.
The company intends to use the proceeds for marketing,research and development efforts for its line of in vitrodiagnostic testing products for identifying infectious bacteria aswell as determining the antibiotic dosages appropriate fortreating the infections.
In fact, Alamar also announced Thursday that it has receivedclearance from the FDA to add the antibioticampicillin/sulbactam (for treating respiratory, urinary and skininfections) to its diagnostic test kits.
In its initial public offering completed in October 1992, Alamarsold 850,000 units at $5 each, grossing $4.25 million. In lateMarch, those units separated into warrants, which opened at$1, and common shares, at $4.50.
The warrants (ALMRW) gained 6 cents Thursday to close at 75cents each; the shares (ALMR) gained 25 cents to close at $2.38each.
-- Jennifer Van Brunt Senior Editor
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