Genetic Therapy Inc. said Tuesday that it has filed for anotherpublic offering, for 1.5 million shares of common stock.
The announcement follows Monday's news that theGaithersburg, Md., company has entered into its first corporatepartnership, with Sandoz Pharma Ltd., to develop andcommercialize gene transfer technology in the areas of cancer,cardiovascular disease and immunology/inflammation.
GTI shares (NASDAQ:GTII) lost $1.13 on Tuesday, closing at$12.75.
If the offering is completed, GTI will have 9.2 million sharesoutstanding. Underwriters Smith Barney, Harris Upham & Co.Inc. and Montgomery Securities have a 225,000-shareoverallotment option.
In August, GTI raised $14.4 million in a scaled-down IPO of 1.6million shares priced at $9. The company had hoped to sell 2million shares at $11 to $13 per share.
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