TSI Corp. has completed a public offering of 2.3 million sharesof common stock at $12.50 per share, raising $25 million, thecompany said Tuesday.
Two million shares were offered by the company and 300,000shares by three groups of selling shareholders. The latterincluded early venture investors T. Rowe Price Threshold FundL.P., Matuschka Venture Partners and Memorial Drive Trust;Biogen Inc., which converted TSI class D warrants obtainedwhen Biogen licensed certain transgenic technology to thecompany; and shareholders from the Center for DiagnosticProducts Inc., which TSI acquired in November 1990.
The Worcester, Mass., company provides a variety of preclinicaland clinical testing services. It also is developing diseasemodels, toxicology tests and animals for use as bioreactors forpharmacological substances.
The stock (NASDAQ:TSIN) closed at $12.88, down 25 cents, onTuesday. After the offering, TSI has 19.4 million sharesoutstanding. Underwriters Cowen & Co. and MontgomerySecurities have an overallotment option of 345,000 shares.
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