ProCyte Corp. said Tuesday that it has sold 1.25 million sharesin a public offering of common stock at $5.50 per share, raising$6.9 million.
The company had planned to offer 2 million shares. When itfiled in March, its stock (NASDAQ:PRCY) was selling at $10.13.Tuesday's closing price was $6.50, up 25 cents.
ProCyte's peptide-copper Iamin compound is completing PhaseII trials for diabetic ulcers, and the company expects to beginPhase III trials this fall. European Phase II trials of Tricomin, ahair-growth enhancer, are completed, and the company islikely to do another Phase II trial this year with an improvedformulation, said company spokeswoman Karen Hedine.ProCyte plans to begin this quarter an expanded Phase I/IItrial of Iamin-IB for inflammatory bowel disease.
After the offering, the Kirkland, Wash., company has 7.25million shares outstanding. Underwriters William Blair & Co.and Oppenheimer & Co. Inc. have a 15 percent overallotmentoption.
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