United Biomedical Inc. of Hauppauge, N.Y., announced lateWednesday that it has filed a registration statement with theSecurities and Exchange Commission for an initial publicoffering of 2.75 million shares of common stock at $11-13 pershare.
The managing underwriters for the offering are Bear, Stearns &Co., Inc., Nomura Securities International. Inc. and Volpe, Welty& Co.
United Biomedical (UBI) intends to use the proceeds forresearch, preclinical and clinical studies, facility expansion,possible acquisitions of investments in strategic alliances andother general corporate purposes.
UBI is developing diagnostics, therapeutics and vaccines forinfectious diseases, immune system disorders and certaincancers. Its base business currently is in diagnostic products,especially for hepatitis C, HIV-1, HIV-2 and leukemia.
The company also received approval from the FDA in mid-January to proceed with Phase I clinical trials on its syntheticpeptide-based putative AIDS vaccine. The vaccine consists ofeight peptides from the V3 loop of the HIV outer envelope; inanimal studies, it produced high levels of protective antibodiesto a wide variety of AIDS virus strains.
The vaccine attracted the attention of Baxter International Inc.last March. the Deerfield, Ill., pharmaceutical companypromised to finance up to $10 million of R&D on the vaccine, towhich it will gain exclusive worldwide distribution rights. Atthe same time, Baxter acquired almost 12 percent equity inUBI.
-- Jennifer Van Brunt Senior Editor
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