Cellcor Inc., a developer of living cell therapies, raised $22million in its initial public offering of 2 million shares ofcommon stock at $11 per share, the company announced onFriday.
The Newton, Mass., company (NASDAQ:CLTX) sold its shares atthe low end of its proposed $11 to $13 price range. The stockclosed at $11.50 on Friday.
Cellcor's first therapy uses a patient's own white blood cells(autolymphocytes) to treat certain cancers. The cells are grownin vitro in the presence of a lymphokine cocktail and antigensto stimulate antibody production, and are returned to thepatient.
Autolymphocyte therapy (ALT) doesn't require FDA approvaland is being used to treat metastatic renal cell carcinoma atthree clinics.
Cellcor is conducting Phase III trials of ALT in non-metastaticrenal cell carcinoma and plans trials in other cancers this year.
Cellcor has 5.3 million shares outstanding after the offering.Underwriter Furman Zelz Inc. has a 300,000-shareoverallotment option. -- KB
(c) 1997 American Health Consultants. All rights reserved.