Biosys said Tuesday that it has raised $31.2 million in its initialpublic offering of 2.6 million shares of common stock at $12per share. The price and number of shares fell within rangesanticipated in the preliminary prospectus.
The developer of nematode-based biopesticides sells sevenproducts and had 1991 revenues of $1.1 million and losses of$5.2 million, or $1.06 per share. Nematodes are microorganismsthat kill harmful soil-inhabiting insects.
Shares of the Palo Alto, Calif., company (NASDAQ:BIOS) closedat $12.
After the offering, Biosys has 7.4 million shares outstanding.The total shares sold included a 300,000-share overallotmentoption by underwriters Kemper Securities Group Inc. andVector Securities International Inc.
(c) 1997 American Health Consultants. All rights reserved.