Cholestech Corp. Friday said that it completed an initial publicoffering of 2 million shares of common stock at $5 per share.

Cholestech stock (NASDAQ:CTEC) closed its first public tradingsession Friday up from the offering price at $5.38 a share. With6.15 million common shares outstanding following the IPO, theclosing price gives the Hayward, Calif., company an apparentmarket value of about $33 million.

The IPO's underwriters, led by Kemper Securities Group Inc.and Unterbeg Harris, have overallottment options to purchaseup to 300,000 additional shares

The company said proceeds from the offering will be used toexpand its manufacturing capacity and marketing and salesefforts, and for research and development of new tests,working capital and other general corporate purposes.

Cholestech develops, manufactures and markets diagnosticsystems that can measure blood cholesterol and related lipidsusing a single drop of blood from a finger stick and deliver testresults within four minutes. The system is designed for use in adoctor's office.

The company said it has FDA clearance for its LDX system,consisting of disposable test cassettes and an electronicanalyzer containing onboard software.

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