Nova Pharmaceutical Corp. said Tuesday that it has netted$28.4 million from a secondary offering of 4 million shares ofcommon stock at $8.50 per share.
The company sold 3.6 million shares. The remaining 400,000shares were sold by SKB Properties, an affiliate of SmithKlineBeecham plc, and Marion Merrell Dow Inc.
The stock (NASDAQ:NOVX) closed at $8.63, down 38 cents, onTuesday.
The Baltimore company, a developer of drug delivery systemsand drugs to treat inflammation and central nervous systemdisorders, increased its portion of the offering from a proposed3 million shares.
After the offering, Nova has 31.5 million shares outstanding.Underwriter Tucker Anthony Inc. has a 600,000-shareoverallotment option.
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