Cytel Corp. (NASDAQ:CYTL) announced Tuesday that it hadcompleted its secondary public offering of 2.8 million new-issue shares of common stock at $7.50 per share, grossing $21million for the San Diego, Calif. company. Cytel ended up selling300,000 more shares than it had originally proposed in itsregistration statement on January 14. This gives the firm 15.8million shares of common stock outstanding; fully diluted thatcomes out to 17.9 million shares. The company has also grantedthe underwriters an overallotment option to purchase up to420,000 additional new shares. The underwriting group wasled by Goldman, Sachs & Co., Alex. Brown & Sons Inc. andVector Securities International, Inc.
Cytel is developing immunotherapeuticsQvia an approach thatis directed at pivotal events in the immune cascadeQto treatacute and chronic inflammatory diseases, infectious diseasesand cancer.
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