Collagen Corp. announced that it raised about $15 million afterexpenses and taxes in a public offering of Target TherapeuticsInc.'s common stock (NASDAQ:TGET).
The public offering price for the 1.05 million shares of Targetcommon stock was $26.75 per share. Collagen Corp.(NASDAQ:CGEN) sold 1,004,700 shares in the offering, and45,300 shares were sold by stockholders. The company hasapproximately 6,674,488 shares outstanding after the offering.Collagen will get 36 percent of the outstanding voting capitalstock of Target after the offering.
Alex. Brown & Sons Inc., Kemper Securities Inc., and Punk,Ziegel & Knoell co-managed the offering.
David Foster, Collagen's chief financial officer, said the going-out price of the offering was a "little stronger" than thecompany had anticipated, so it wasn't necessary to increase thenumber of shares offered.
Target was a majority-owned investment of Collagen until itwent public in January. Target's stock closed unchangedWednesday at $27.
-- Michelle Slade Associate Editor
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