Cygnus Therapeutic Systems Inc. said Friday that it will resumeits secondary offering, which was put on hold in April. The newprospectus reduces the number of shares offered to 1.5 millionfrom the 3 million originally proposed in March.
The company's stock (NASDAQ:CYGN) closed down 38 cents at$15.63 on Friday. When Cygnus announced the offering inMarch, the shares closed at $25.
Cygnus announced last week that its first product, atransdermal nicotine patch, has received FDA marketingapproval. Warner-Lambert Co.'s Parke-Davis division will beginselling the patch in the third quarter. The patch is the fourth onthe market.
The Redwood City, Calif., company has two transdermal patchesin Phase III trials: fentanyl for the treatment of moderate tosevere postoperative pain and estradiol for the treatment ofmenopausal symptoms.
If the offering is completed, Cygnus will have 13.1 millionshares outstanding. Underwriters Robertson, Stephens & Co.,PaineWebber Inc. and Hambrecht & Quist Inc. have a 225,000-share overallotment option.
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