Aramed Inc. last week said that it raised $50 million in aninitial public offering of 2.5 million units at $20 per unit.
The spinoff of Gensia Pharmaceuticals Inc. will use the funds tocontract with Gensia to conduct research on adenosine-regulating agents involved in cardio- and cerebrovasculardisorders.
Each unit consists of one share of Aramed callable commonstock and a warrant to buy a share of Gensia common stock.
Gensia of San Diego said it also raised $68 million through asecondary offering of 2 million shares priced at $34. After theoffering, Gensia has 18.2 million shares outstanding.
The offerings bring to $182.3 million the total funds raised byGensia in the public market this year. In March, Gensia raised$38.1 million in a secondary offering priced at $14.50. GensiaClinical Partners, an R&D limited partnership, raised $26.2million in July.
Gensia shares (NASDAQ:GNSA) rose $1 on Wednesday, closing at$35.13. Aramed units (NASDAQ:ARAMZ) closed unchanged at$20.
(c) 1997 American Health Consultants. All rights reserved.