Athena Neurosciences Inc. saw its stock jump $5 Thursday inthe first day of trading after the company raised $54 million inan initial public offering of 4.5 million shares priced at $12 pershare.
Investor demand had enabled the South San Francisco, Calif.,company to increase its IPO by 1 million shares from theproposed offering.
Athena in August announced a three-year researchcollaboration with Wyeth-Ayerst to develop drugs based onAthena's technology for blocking the pathological migration ofwhite blood cells to the brain. In addition, the company has twoin-licensed drugs in advanced development to treat epilepsyand multiple sclerosis.
The stock (NASDAQ:ATHN) closed at $17.
After the offering, Athena has 14.2 million shares outstanding.Underwriters PaineWebber Inc. and Alex. Brown & Sons Inc.have a 525,000-share overallotment option.
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