Creative Biomolecules Inc. said that it has filed for an initialpublic offering of 3.5 million shares of common stock priced at$10 to $12 per share.
The Hopkinton, Mass., company, which is developingdifferentiation factors and growth factors for tissue and bonerepair, raised $14 million in an October stock sale toinstitutional investors.
In January, Creative's corporate partner, Stryker Corp., beganPhase I trials of its Osteogenic Protein Device to repair non-union fractures. The device consists of osteogenic protein-1(OP-1), Creative's lead differentiation factor, in a bioresorbablecarrier to provide a scaffold for bone growth.
Platelet-derived growth factor, Creative's lead compound fortissue repair, is in preclinical development.
In July, Creative lost a patent interference with Genex Corp.over molecules consisting of a single short polypeptide chain.The molecules are being developed to deliver anti-cancer drugsdirectly to tumors and for imaging techniques. Creative hasappealed the decision to the Court of Appeals for the FederalCircuit. Genex was acquired by Enzon Inc. last June.
If the offering is completed, the company will have 14.7 millionshares outstanding. Underwriters Goldman, Sachs & Co.,Hambrecht & Quist Inc. and Prudential Securities Inc. have a525,000-share overallotment option.
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