Corvas International Inc. on Thursday said it raised $36 millionin its initial public offering of 3 million shares of common stockat $12 per share.
The San Diego company (NASDAQ:CVAS) is developing drugs totreat thrombosis and associated vascular diseases. Corsevin M,the company's first product, is in Phase I trials. The monoclonalantibody-based anti-thrombotic binds to Factor VII, which isinvolved in the early stages of coagulation. Centocor Inc. inNovember acquired a worldwide exclusive license to CorsevinM and has an exclusive option to license other MAbsdiscovered or developed by Corvas.
The stock closed at $12, down 75 cents, on Thursday.
The size of the offering was increased from the 2.5 millionproposed in the preliminary prospectus. Corvas now has 9.3million shares outstanding.
PaineWebber Inc. and Hambrecht & Quist Inc. managed theNorth American offering of 2.5 million shares, andPaineWebber International (U.K.) Ltd. and Hambrecht & Quistmanaged an international offering of 500,000 shares. Theunderwriters have a 450,000-share overallotment option.
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