Vestar Inc. late Wednesday completed a secondary offering of2.5 million shares priced at $20, raising $50 million.
The company's shares (NASDAQ:VSTR) rose $1.75 to $21 afterthe company reported its second profitable quarter, netting$1.1 million, or 8 cents per share, for the period ended Dec. 31.
Total revenues for the quarter were $5.9 million, of which $5.5million represented European product sales of AmBisome, aliposomal form of amphotericin B to treat systemic fungalinfections. For the comparable 1990 quarter, Vestar had a netloss of $2.6 million, or 44 cents per share, on revenues of $1.9million.
For the 1991 year, the San Dimas, Calif., company's net loss was$827,000, or 15 cents, on revenues of $15.9 million, comparedwith a 1990 net loss of $7.7 million, or $1.23 per share, onrevenues of $4.5 million.
After the offering, the developer of drugs to treat patients withcancer and serious infections has 13.4 million sharesoutstanding. Underwriter Alex. Brown & Sons Inc. has a375,000-share overallotment option.
(c) 1997 American Health Consultants. All rights reserved.