Affinity Biotech Inc. said Tuesday that it has raised $13 millionin its initial public offering of 2 million shares of common stock,plus a partial overallotment, priced at $6 per share.

The offering, which was lowered from a proposed price rangeof $7.50 to $8.50, is the fourth consecutive IPO to come out at areduced price. The others were Telios Pharmaceuticals Inc.,CytoTherapeutics Inc. and Seragen Inc.

The Boothwyn, Pa., company (NASDAQ:AFBI) is developing oil-in-water and water-in-oil microemulsion systems for oraldelivery of peptide and protein drugs.

The stock closed at $6 on Tuesday. After the offering, Affinityhas 5.2 million shares outstanding. Underwriter PennsylvaniaMerchant Group Ltd. exercised 166,667 shares of its 300,000-share overallotment option. -- KB

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