Biocircuits Corp. said Thursday that it has raised $10 million inits initial public offering of 2 million shares of common stock at$5 per share.

The reduced-price offering is the second in two days, reflectingthe current market for biotech-related public offerings. TheBurlingame, Calif., company had planned to price its shares at$8 to $10.

On Wednesday, drug delivery system developer TheraTech Inc.(NASDAQ:THRT) sold 1.25 million shares at $7.50, reduced fromthe planned 2 million shares at $11 to $12.50.

Biocircuits stock (NASDAQ:BIOC) closed unchanged Thursday at$4.75 and TheraTech gained 25 cents to $6.50.

Biocircuits is developing immunodiagnostic systems using aproprietary fluorescent molecular membrane. The change influorescence is related to the concentration of a substance ofinterest, such as a hormone or a virus, in the sample.

The company's first product is being developed to test forthyroid dysfunction, with market introduction targeted formid-1993.

After the offering, Biocircuits has $12.7 million in cash, with amonthly burn rate of $350,000. The company has 7.3 millionshares outstanding. Underwriters Hambrecht & Quist Inc. andVector Securities International Inc. have a 300,000-shareoverallotment option.

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