Magainin Pharmaceuticals Inc. announced Thursday that it hascompleted a public offering of 3.5 million shares of commonstock (NASDAQ:MAGN) at $6 per share. All of the shares will besold by the company.

The offering is being managed by Hambrecht & Quist Inc.,Smith Barney, Harris Upham & Co. Inc. and S. G. WarburgSecurities. After the offering, there are 12.2 million fullydiluted shares outstanding, the company told BioWorld.

The Plymouth Meeting, Pa., biopharmaceutical companyresearches and develops anti-infectives and anti-cancerproducts based upon compounds isolated from the host defensesystems of animals.

Magainin's stock closed Thursday at $6.50 a share, off 13 cents.

(c) 1997 American Health Consultants. All rights reserved.