Alpha-Beta Technology Inc. on Friday said it has filed for aninitial public offering of 2 million shares of common stock witha proposed price of $14 to $16 per share.
Alpha-Beta is developing products based on complexcarbohydrates to prevent and treat infection and certaininflammatory diseases, and to reduce cholesterol.
The company's lead product, Betafectin, completed Phase Itrials in January and will enter Phase II trials for suchindications as surgery, burns, bone marrow disorders andchemotherapy beginning in the second half of this year.
Alpha-Beta is also developing Cholestran, a cholesterol-lowering drug.
The Worcester, Mass., company raised $16 million frominstitutional investors in February, bringing to $23 million thetotal amount raised since its founding in 1988.
If the offering is completed, Alpha-Beta will have 8.6 millionshares outstanding. Underwriters Alex. Brown & Sons Inc. andVector Securities International Inc. have a 300,000-shareoverallotment option.
The funds will be used for Betafectin trials, developing orallyactive formulations for chronic infections, development of newcarbohydrate molecules that treat inflammatory diseases bytargeting the b-glucan receptor, and construction of a secondpilot plant for production of future Cholestran products. --Karen Bernstein
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