Matrix Pharmaceutical Inc. raised $52.5 million in an initialpublic offering of 3.5 million shares of common stock at $15per share, the company said Tuesday.
As with several other IPOs this year, the size and price of theMenlo Park, Calif., company's offering was increased. Thepreliminary prospectus had proposed a 2.5 million shareoffering at $11 to $13 per share.
The stock is trading on NASDAQ under the symbol "MATX."
MPI's protein matrix technology is intended to concentratedrug activity at disease sites and reduce side effects bydelivering chemotherapeutic agents directly to diseased tissuesand holding drugs in place for sustained release.
MPI has begun clinical trials of several compounds for treatingsolid tumors and surface skin lesions. The trials include PhaseII tests of MPI 5003 for genital warts, basal cell cancer andplaque-type psoriasis; and Phase I/II studies of MPI 5002 fornail bed psoriasis and MPI 5010 for liver cancer.
Phase I/II trials are scheduled to begin this quarter for MPI5003 for Kaposi's sarcoma, MPI 5004 for head and neck cancer,and MPI 5011 for prostate cancer.
After the offering, MPI has 9.9 million shares outstanding.Underwriters First Boston Corp. and Cowen & Co. have a525,000-share overallotment option.
(c) 1997 American Health Consultants. All rights reserved.