Ecogen Inc. on Friday announced it has raised $8 millionthrough a private unit placement and has also entered into aseparate deal to raise another $5 million.

The biopesticide developer sold 800,000 units consisting ofcommon stock and warrants priced at $10 per unit in its secondand final closing of the offering.

Each unit consists of a share of common stock and one warrantto purchase a share of stock for $14. Warrants are exercisableuntil Jan. 16, 1996, and are callable if Ecogen's stock(NASDAQ:EECN) trades at $21 or more for 20 consecutive days.

Ecogen shares closed Friday at $13.75, up 38 cents.

Societe Generale Securities Corp. and D. Blech and Co. Inc. actedas agents for the placement to institutional and accreditedinvestors.

Ecogen raised $11.6 million in the first closing, which was toprivate individuals. Warrants in the first closing are exercisableuntil Dec. 26, 1995. Total proceeds are $19.6 million.

The Langhorne, Pa., company also said it has signed a letter ofintent on behalf of a client with Chancellor Inc. for aninvestment of $5 million for 500,000 shares of newly createdconvertible preferred stock and warrants to purchase up to500,000 additional shares of common stock at $14 per share.The preferred shares would be converted if Ecogen stock tradesat $12 or more for 15 consecutive days. -- KB

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