ImClone Systems Inc. announced Monday that it has filed aregistration statement with the Securities and ExchangeCommission (SEC) for a public offering of 1.5 million shares ofits common stock. Smith Barney, Harris Upham & Co. Inc.,Robertson, Stephens & Co. L.P. and SBCI Swiss Bank CorporationInvestment Banking Inc. will co-manage the offering.

This is the first follow-on stock offering for the New York-based biopharmaceutical company, which raised $35 million inits initial public offering (IPO) of 2.5 million shares at $14 pershare in November 1991. The underwriters for that offeringwere Smith Barney, Harris Upham & Co. and Robertson,Stephens & Co.

ImClone's most recent deals include a $35 million alliance withChugai Pharmaceutical Co. Ltd., which it signed in January todevelop blood cell growth factors that target a receptor (FLK-2)found on totipotent stem cells. ImClone also has recentlynegotiated an exclusive licensing agreement with theUniversity of California for monoclonals targeting theepidermal growth factor receptor as potential cancerdiagnostics and therapeutics.

ImClone ended 1992 with $13.3 million in the bank; it also hadabout 11.8 million shares outstanding, fully diluted, accordingto Brooks Boveroux, the company's chief financial officer.

The stock (NASDAQ:IMCL) closed Monday at $9 a share, down50 cents.

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