Calgene Inc. said Thursday that it raised $25.9 million in asecondary offering of 2 million shares of common stock, plus a300,000-share overallotment option, at $11.25 per share.
The agbiotech company (NASDAQ:CGNE) hopes to beginmarketing in 1993 the first genetically engineered food, atomato with enhanced shelf life. The tomato is being reviewedby the FDA. Calgene is also developing canola oil products andherbicide-tolerant cotton.
Calgene stock lost 38 cents, closing at $12.25.
The offering was underwritten by PaineWebber Inc. and Piper,Jaffray & Hopwood Inc. After the offering, the Davis, Calif.,company has 17.2 million shares outstanding.
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