Zynaxis Inc. said Thursday that it completed its initial publicoffering of 2.5 million shares of common stock at $9 per share,raising $22.5 million.

The price and size of the offering was increased from aproposed $7 to $8 per share and 2 million shares. The stock(NASDAQ:ZYNX) closed unchanged Thursday at $10.13.

The company is developing cell linker molecules called Zyn-linkers for the delivery and retention of therapeutics andradiopharmaceuticals at disease sites. The company is focusedon the use of Zyn-linkers to deliver anti-proliferative drugs forthe reduction of restenosis following angioplasty, to alleviatepain and chronic inflammation associated with rheumatoidarthritis, and to treat ovarian cancer and psoriasis.

The Malvern, Pa., company now has 4.5 million sharesoutstanding. Underwriters Pennsylvania Merchant Group Ltd.and Hanifen, Imhoff Inc. have a 375,000-share overallotmentoption.

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