Biocircuits Corp. said that it has filed for an initial publicoffering of 2 million shares of common stock at $8 to $10 pershare.
The Burlingame, Calif., company is developingimmunodiagnostic systems using a proprietary fluorescentmolecular membrane. The degree of change in fluorescence isrelated to the concentration of a substance of interest, such as avirus or hormone, in the sample.
Biocircuits said that its initial product, Biocircuits I, will be thefirst to allow physicians to perform a 15-minuteimmunodiagnostic test in the office. Current tests are moretime-consuming and require skilled technicians, the companysaid.
Biocircuits I will be developed first to test for thyroiddysfunction, with market introduction targeted for mid-1993.The company plans to initiate clinical trials in the second halfof this year and file for pre-market approval with the FDA inearly 1993. A chlamydia test is scheduled for introduction sixmonths after the thyroid test comes to market.
Biocircuits raised $10.5 million in previous rounds of venturefunding
If the offering is completed, Biocircuits will have 7.3 millionshares outstanding. Underwriters Hambrecht & Quist Inc. andVector Securities International Inc. have a 300,000-shareoverallotment option. -- KB
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