ImmuLogic Pharmaceutical Corp. has raised $45.5 million in apublic offering of 2 million shares of common stock priced at$22.75 per share, the company said Tuesday.

The stock (NASDAQ:IMUL) lost $1.25 on Tuesday, closing at$22.50.

Last November, the Cambridge, Mass., company signed a dealwith Marion Merrell Dow Inc., which could be worth more than$60 million, to jointly develop ImmuLogic's allergytherapeutics. The company is also collaborating with Merck &Co. to develop treatments for type I diabetes and rheumatoidarthritis.

Last May, ImmuLogic sold 2 million shares at $10 a share in aninitial public offering. The company had hoped to sell 3 millionshares priced between $14 and $16.

After the offering, ImmuLogic has 11.9 million sharesoutstanding. Underwriters Morgan Stanley & Co. Inc., andHambrecht & Quist Inc. have a 300,000-share overallotmentoption.

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