Public offerings of biotechnology stocks raised $687 million inJanuary, as nine companies completed initial public offeringsworth $405 million and eight companies finished secondaryofferings for $282 million.

Genetic Therapy Inc. (NASDAQ:GTII) on Friday closed out themonth by raising $22.5 million in a secondary offering of 1.5million shares at $15 per share.

After the offering, the Gaithersburg, Md., developer of genetherapy delivery systems has 9.2 million shares outstanding.Underwriters Smith Barney, Harris Upham & Co. Inc. andMontgomery Securities have a 225,000-share overallotmentoption.

At least 12 biotech-related offerings are waiting to close,including four IPOs.

Celtrix Pharmaceuticals Inc. last week joined the list when itfiled a 2.5-million share offering. The Palo Alto, Calif., companywould sell 2.25 million shares (NASDAQ:CTRX) and 225,000would be sold by shareholders, primarily investors inBioGrowth Inc., which merged with Celtrix in December.

If the offering is completed, the developer of naturallyoccurring, cell-regulating proteins will have 8 million sharesoutstanding. Underwriters Robertson, Stephens & Co. andOppenheimer & Co. Inc. have a 375,000-share overallotmentoption.

The figure for secondary offerings during January includes the$90 million Tocor II Inc. unit offering done with Centocor Inc. -- KB

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