Univax Biologics Inc. on Tuesday said it raised $48 million in itsinitial public offering of 4 million shares of common stock at$12 per share.
The Rockville, Md., company is developing vaccines andimmunotherapeutics using hyperimmune intravenousimmunoglobulins (IGIVs) to prevent and treat infectiousdiseases.
The offering was increased from 3 million shares proposed inthe preliminary prospectus. Univax shares (NASDAQ:UNVX)closed unchanged at $13.13.
Products in Phase I trials include a vaccine targeted at abacterium that colonizes the lungs of children with cysticfibrosis, and vaccines targeted at group B streptococcus,Staphylococcus aureus and septic shock. The trials willdetermine safety and stimulate plasma in donors for use in thepreparation of IGIVs for further trials.
After the offering, Univax has 11.1 million shares outstanding.Underwriters Montgomery Securities and Prudential SecuritiesInc. have a 600,000-share overallotment option.
(c) 1997 American Health Consultants. All rights reserved.