Immunodiagnostic company Biocircuits Corp. has filed for asecondary public offering of 2.5 million shares of common stockto speed development of clinical tests.
The Burlingame, Calif., company (NASDAQ:BIOC) raised $9.3million in an initial public offering last May. After thesecondary offering, the company will have 10,577,918 sharesoutstanding.
The company's underwriters, Hambrecht & Quist Inc. andOppenheimer & Co. Inc., have an option to purchase up to375,000 shares of stock to cover overallotments.
Net proceeds from the offering will be used for working capitaland general corporate purposes, the company said.
Biocircuits' stock closed Friday at $6.50 a share, off 75 cents.
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