Somatix Therapy Corp. said on Thursday that it raised $34.5million in a secondary offering of 3 million shares of commonstock at $11.50 per share.
The Alameda, Calif., company said the proceeds would be usedto develop gene therapy products. Somatix plans to enter theclinic late this year with a cancer treatment consisting ofinactivated tumor cells that have been genetically modified byinserting lymphokines.
The stock (NASDAQ:SOMA) lost 13 cents to $11.63 on Thursday.
After the offering, Somatix has 12.6 million shares outstanding.Underwriters Robertson, Stephens & Co., Oppenheimer & Co.Inc. and Vector Securities International Inc. have a 450,000-share overallotment option.
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