Applied Bioscience International Inc. on Friday completed apublic offering of 4 million shares of common stock at $13.50,of which 1.1 million shares were sold by the company and 2.9million were sold by stockholders.
The East Millstone, N.J., provider of biological safety testing andclinical research services raised $14.9 million.
Applied Bioscience had planned to sell 4.5 million shares, 1.2million by the company and the remainder by sellingstockholders.
Sellers included shareholders from Pharmaco DynamicsResearch Inc., which merged with Applied Bioscience inFebruary, and shareholders from Environ International, whichmerged in September 1990. Summit Partners, a venture capitalfirm that helped finance Pharmaco, sold 958,000 shares.
After the offering, Applied Bioscience (NASDAQ:APBI) has 28.6million shares outstanding. Underwriters Lehman Brothers,Hambrecht & Quist Inc., Kemper Securities Group Inc. andRaymond James & Associates Inc. have a 15 percentoverallotment option.
The stock closed up 25 cents to $13.88 on Friday.
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