Cortech Inc. said Friday that the underwriters for its recentlycompleted initial public offering, Montgomery Securities andHambrecht and Quist Inc., exercised their overallotment optionto purchase from the company an additional 600,000 units,netting the Denver company an additional $4.5 million.
Total net proceeds of the offering are now $33.7 million, thecompany said.
The company initially issued 4 million units of common stock at$8 per share on Nov. 24. The units consist of one share ofcommon stock and one common stock conversion right.
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