Seragen Inc. said Thursday that it has completed a secondaryoffering of 1.75 million shares of common stock (NASDAQ:SRGN)at $8.75 per share.

Seragen filed to sell 2.5 million shares on Jan. 12, when thestock was trading at $14.50 a share. If all the shares were soldat that price, the company would have raised $36.25 million.Instead, it grossed about $15.3 million.

The managing underwriters, Goldman, Sachs & Co. and Kidder,Peabody & Co. Inc., have an option to purchase up to 262,500additional shares to cover overallotments. The Hopkinton,Mass., fusion toxin company completed its initial public offeringin April 1992 at $12 a share.

After this second round of public financing, there are 13.8million shares outstanding and 15.4 million shares on a fullydiluted basis.

The company focuses on targeting toxins to specific cells fortherapies in some cancers and autoimmune disorders such asrheumatoid arthritis and Type I diabetes.

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