DynaGen Inc. said on Tuesday that it has filed for a secondaryoffering of 1 million shares of common stock.
Earlier this month, DynaGen (NASDAQ:DYGN) received its firstproduct marketing approval from the FDA, for urine test stripsto determine whether patients are taking their anti-tuberculosis medicine. The company hasn't begun marketingthe strips.
In February, DynaGen filed to begin Phase II trials of itsNicErase System for smoking cessation. NicErase is a non-nicotine substance that acts on the nicotine receptors in thebrain. Administered via weekly subcutaneous injection,NicErase uses the company's biopolymer-based controlledrelease drug delivery system.
Prior to the offering, the Cambridge, Mass., company has 11.4million shares outstanding. Underwriter Thomas JamesAssociates Inc. has a 150,000-share overallotment option.
DynaGen shares closed at $7.44, down $1.06. -- KB
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