PerSeptive Biosystems Inc. has completed an offering of 2million shares of common stock at $18 per share. The offering,PerSeptive's first round of follow-on financing since it wentpublic in May of 1992 at $7 a share, grossed $36 million.
Lead underwriters were Alex. Brown & Sons and Cowen and Co.The underwriters retain a standard 15 percent overallotmentoption (300,000 shares) to fulfill any excess demand for thestock.
PerSeptive now has 11.1 million shares of common stockoutstanding -- 12 million on a fully diluted basis. PerSeptive ofCambridge, Mass., filed for its follow-on offering on Feb. 11,about 12 days before disappointing clinical trial news fromSynergen Inc. sent biotechnology stocks into a tailspin andcooled public financing activity. The company's stock(NASDAQ:PBIO) closed at $20.75 on the day it filed.
The stock closed unchanged Tuesday at $18 per share.
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