Gliatech Inc., which is developing therapies involvingcomponents of the nervous system, has filed for an initialpublic offering of 2 million shares of common stock pricedbetween $9 and $11.
The Cleveland company, founded in 1987, is developingtechnology based on the properties of glial cells, which alongwith neurons are key components of the nervous system. Glialcells tell neurons where to grow and how to organize duringdevelopment, and they lay down the myelin sheath thatsurrounds and protects peripheral nerves.
Last November, Gliatech scientists reported in the journalExperimental Neurology that Gl402, a carbohydrate polymer,inhibited scarring in spinal surgery in a rat model.
Gliatech has raised $19 million in venture financing rounds.Investors include Brantley Venture Partners, Chancellor CapitalManagement, Continental Illinois Venture Corp., MontgomeryMedical Ventures, Morgenthaler Ventures, New EnterpriseAssociates and Chemicals, and Materials Enterprise Associates.
Kidder, Peabody & Co. Inc., Vector Securities International Inc.and Yamaichi International (America) Inc. will act asunderwriters.
The company declined to disclose other details of the offering. -- KB
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