Carrington Laboratories Inc. said Thursday that it haspostponed its proposed public offerings due to marketconditions.
The Irving, Texas, developer of carbohydrate-based productshad planned a 1 million-share offering of common stock and a3 million-unit offering in a new company, Carntech Inc., whichwas to fund development of Carrington's core compound.
Acemannan, the core product, is a naturally occurring complexcarbohydrate that the company said has potential to treatAIDS, cancer and inflammatory bowel disease. An oralformulation is in Phase I/II Canadian trials for AIDS.
Carrington said it plans to proceed with the offering whenconditions for biotechnology stocks improve.
The Carntech units had a maximum proposed price of $10. Eachunit would consist of one share of Carntech common stock anda warrant to buy a share of Carrington common (AMEX:CRN).The stock closed up 63 cents at $12.50.
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