Noven Pharmaceuticals Inc. said Tuesday that it raised $17.5million in a secondary offering of 2.5 million shares of commonstock priced at $7 per share.
The transdermal drug developer's estradiol estrogen patch is inPhase III trials in the United States and Europe. Noven(NASDAQ:NOVN) plans to file for marketing approval this year.Ciba-Geigy will market the patch in the U.S. and Canada, andRhone-Poulenc Rorer has overseas rights, excluding Japan.
After the offering, the Miami company has 15.2 million sharesoutstanding. Underwriter Mabon Securities Corp. has a375,000-share overallotment option.
The stock closed down 50 cents at $7.13 on Tuesday.
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