Cephalon Inc. announced Tuesday that it completed asecondary offering of 2 million shares of common stock(NASDAQ:CEPH) at $9.50 a share, grossing $19 million.

Cephalon's stock closed at $11.25 a share when it filed for theoffering on Feb. 9; the stock closed Tuesday at $9.50 a share,off 13 cents. Upon completion of the offering, the company has11 million shares of common stock outstanding, as well as 5.8million warrants and options. Cephalon reported it had $43.8million in cash at the end of 1992.

The offering was managed by Cowen & Co., Hambrecht & QuistInc. and J.P. Morgan Securities Inc. The underwriters have theoption to purchase an additional 300,000 new shares to coveroverallotments.

The West Chester, Pa., company will use proceeds primarily tofund research, drug discovery and development programs,including clinical trials.

Cephalon focuses on neurodegenerative diseases characterizedby the death of neurons in ALS (Lou Gehrig's disease),peripheral neuropathy, Alzheimer's disease, head and spinalcord injury, and stroke. -- Nancy Garcia

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