Cygnus Therapeutic Systems Inc. said Monday that it haspostponed its 3 million-share secondary offering due to marketconditions.
"We will continue to monitor the market climate for growthstocks, and expect to reinstate our offering when morefavorable market conditions arise," said Gregory Lawless,president and chief executive of the Redwood City, Calif.,company (NASDAQ:CYGN).
Cygnus shares rose $1 to $16.25.
Cygnus' first commercial product, its Nicotrol nicotine patch, isbeing reviewed by the FDA, and the company said it expectsapproval this year. Warner-Lambert has U.S. marketing rightsto the patch.
At least five other companies have postponed public offerings,including a secondary offering by Medarex Inc. and initialpublic offerings by GenPharm International Inc., GenDermCorp., Cell Genesys Inc. and Tanox Biosystems Inc.
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