TheraTech Inc. on Wednesday said it completed a scaled-downinitial public offering, raising $9.4 million through the sale of1.25 million shares of common stock at $7.50.
The shares (NASDAQ:THRT) closed Wednesday at $6.25.TheraTech had hoped to sell 2 million shares at $11 to $12.50,but reduced the offering's size and price due to marketconditions.
Founded in 1985, TheraTech is developing controlled-releasedrug delivery systems, including transdermal patches and oralpolymeric delivery products.
The most advanced of its six products in clinical development isa testosterone patch, which is in Phase III trials for malehypogonadism. An estradiol patch is finishing Phase II trials asa post-menopausal hormone replacement and will enter PhaseIII trials later this year.
Other drug delivery systems in development include apolymer-based oral controlled release system, a colon targetingsystem, a transmucosal oral cavity delivery system and abiodegradable injection system.
After the offering, the Salt Lake City company has $12 millionin cash and 8.5 million shares outstanding. UnderwritersWilliam Blair & Co. and Vector Securities International Inc.have a 15 percent overallotment option. -- KB
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