Cephalon, Inc. has filed for a secondary offering of 2 millionshares of common stock, the company announced Tuesday.

The West Chester, Penn. company completed its first round ofpublic financing in 1991 and has 9.8 million sharesoutstanding. On a fully dilluted basis, there are 15 millionshares outstanding, said spokeswoman Lyn Hyduke, includingoptions and warrants that either cannot be exercised yet or areunlikely to be exercised.

Cephalon has issued 2 million options, of which only 1 millionare exercisable now at costs of $10 to $18, Hyduke said. Of 4million outstanding warrants, 1 million cannot be exerciseduntil 1994. The remaining 3 million warrants are exercisable at$11.32 each.

Cephalon (NASDAQ:CEPH) focuses on neurodegenerativediseases that involve the death of neurons, the specializedconducting cells of the nervous system, including ALS andperipheral neuropathy, Alzheimer's disease, head and spinalcord injury and stroke.

Lead underwriters for the offering were Cowen & Co.,Hambrecht & Quist Inc., and J.P. Morgan Securities Inc.Cephalon stock closed Tuesday at $11.25, down $1.50 a share.

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