Icos Corp., which is developing products to treat chronicinflammatory diseases, said Monday that it has filed for asecondary offering of 3 million shares of common stock.

Icos (NASDAQ:ICOS) raised $36 million in an initial publicoffering of 4.5 million shares at $8 last June. It raised a record$33 million in its first round of private financing in 1990.

Shares of the Seattle company closed up 25 cents at $12.75 onMonday.

Icos, which has no products slated to enter the clinic this year,formed a collaboration with Glaxo Holdings plc in October todevelop drugs to treat inflammatory and cardiovasculardiseases. The companies plan to develop drugs to modulate theactivity of tissue-specific isozymes of phosphodiesterase, whichare critical to the metabolic activity of cells. Isozymes arestructurally related forms of an enzyme.

If the offering is completed, the company will have 24.7 millionshares outstanding. Underwriters PaineWebber Inc. andLehman Brothers have a 450,000-share overallotment option.

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