Biorelease Corp. announced Tuesday that it has filed aregistration statement with the Securities and ExchangeCommission (SEC) for a public offering of up to 160,000 units,each consisting of five shares of common stock and threedetachable, callable warrants.
Biorelease of Salem, N.H., develops pharmaceutical andbiological applications of its hemoglobin-based and chondroitinsulfate-based carrier technologies. The company's first product,Erythrogen, is a bovine hemoglobin-based cell-culture additive.
Biorelease, whose stock trades on the NASDAQ small cap indexas BREL, "went public by reverse acquisition with publicly heldOIA Inc. in June 1992," said R. Bruce Reeves, Biorelease's chiefoperating officer. OIA had $4.2 million in cash at the time, headded. At the end of 1992, Biorelease had about 5.3 millionfully diluted shares outstanding, and about $2.7 million in cash,added Kevin McGuire, the company's comptroller.
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