Argus Pharmaceuticals Inc. announced Monday that it haspostponed its follow-on public offering "due to current marketconditions for biomedical company stocks."
The Houston company announced Jan. 14 its intention to sell2.5 million shares of common stock (NASDAQ:ARGS). Theunderwriters are S.G. Warburg Securities and Kidder, Peabody& Co. Inc.
Argus, which is developing therapeutic drugs based onproperties of macrophages, has one compound ready for PhaseI clinical trials. In January the FDA approved trials on the anti-cancer compound AR-623 for treating leukemia.
"We have enough money to continue through 1994," said DavidLeech, Argus' president, including plans for clinical trials. Inthe interim, the company will "aggressively pursue corporatealliances and go back to the public market when it improves,"Leech told BioWorld. It has just under $9 million in cash, andabout 6.9 million shares outstanding, he added. Argus' stockclosed unchanged Monday at $5.75 a share. -- Jennifer VanBrunt
(c) 1997 American Health Consultants. All rights reserved.