Creative BioMolecules Inc. completed its initial public offering,grossing $21 million from the sale of 3 million shares ofcommon stock at $7 per share.
Montgomery Securities and Prudential Securities Inc. co-managed the offering.
The Hopkinton, Mass., company (NASDAQ:CBMI) initially filed aregistration statement with the Securities and ExchangeCommission (SEC) for its IPO last March, but withdrew theoffering in April due to poor market conditions. It resurrectedthe IPO on Dec. 1.
The company plans to use the proceedings for research andproduct development, capital expenditures and generalpurposes.
Creative is developing protein-based products for theregeneration and repair of human tissues. One of these,recombinant human OP-1, entered human clinicals this year fortreating non-union bone fractures.
-- Jennifer Van Brunt Senior Editor
(c) 1997 American Health Consultants. All rights reserved.