Biopesticide developer EcoScience Corp. on Wednesday said ithas raised $28.6 million in its initial public offering of 2.6million shares of common stock priced at $11 per share.
The stock (NASDAQ:ECSC) closed down 50 cents at $10.75 in itsfirst day of trading.
The offering was increased from the 2.2 million shares with aprice range of $8 to $10 proposed in the preliminaryprospectus.
EcoScience is developing biopesticides from naturally occurring,non-genetically engineered microorganisms to control insects,aquatic weeds and diseases of turf, plants, vegetables andfruits.
The company has developed two proprietary deliverytechnologies. The Bio-Path chamber is a disposable devicecontaining a fungus and is used like a conventional chemicalbait station. The Inoculum Load Management systemencapsulates microbial agents plus growth nutrients in abiodegradable carrier.
EcoScience's most advanced product is its Bio-Path chamber forcockroach control. Roussel Uclaf and its subsidiary, Roussel BioCorp., have an exclusive agreement to sell the product in theUnited States and Canada. Roussel submitted in June 1991 anapplication to the Environmental Protection Agency forregistration of the product. EcoScience and Roussel anticipatemarket introduction by midyear.
After the offering, the Worcester, Mass., company has 6.1million shares outstanding. Underwriter Oppenheimer & Co. hasa 390,000-share overallotment option.
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