Biosys, which is developing bioinsecticides based on beneficialnematodes, has filed for an initial public offering of 2.3 millionshares with a proposed price range of $11 to $13 per share.
Nematodes are naturally occurring microscopic organisms thatkill soil-inhabiting insects. All of Biosys' products are exemptfrom Environmental Protection Agency registrationrequirements.
Biosys sells seven products, including Exhibit, which isdistributed to the U.S. turf and ornamental markets by Ciba-Geigy; BioSafe, which was sold by Biosys and Safer, but will bemarketed exclusively by Ortho in the United States beginningthis year for the lawn and garden market; and BioSafe-N andBioVector, which Biosys sells to the cranberry and citrusmarkets, respectively.
The company had 1991 revenues of $1.1 million and losses of$5.2 million, or $1.06 per share. Proceeds from the IPO will beused for working capital and capital equipment.
If the offering is completed, the Palo Alto, Calif., company willhave 7.1 million shares outstanding. Underwriters KemperSecurities Group Inc. and Vector Securities International Inc.have a 345,000-share overallotment option.
(c) 1997 American Health Consultants. All rights reserved.