Embrex Inc. will net $16.4 million from an initial publicoffering of 2.2 million shares of common stock priced at $8.50per share and 2.2 million warrants priced at 10 cents perwarrant, the company said Thursday.
The number of shares and warrants offered was raised from aproposed 1.7 million of each.
The Research Triangle Park, N.C., company markets itsInovoject automated egg-injection system for the poultryindustry. Embrex sells for use with Inovoject two poultryvaccines against Marek's, which causes skin lesions. Virtuallyall of the 6 billion chickens grown annually in the United Statesare vaccinated against Marek's.
Embrex shares (NASDAQ:EMBX) closed at $9.75 on Thursday.The warrants will trade on NASDAQ under the symbol"EMBXW."
After the offering, Embrex has 3.7 million shares outstanding.Underwriter Josephthal Lyon & Ross Inc. has an overallotmentoption to buy an additional 330,000 each of shares andwarrants.
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