Isis Pharmaceuticals Inc. said Tuesday that it has filed for apublic offering of 2 million shares of common stock, itssecond offering of the year.
In May, Isis raised $25 million in an initial public offering of2.5 million shares at $10. That was far below the $39 millionto $45 million the company had hoped to raise by selling 3million shares priced between $13 and $15. Isis stock(NASDAQ:ISIP) closed Tuesday at $20, down $1.25.
After the offering, Isis would have 13.6 million sharesoutstanding.
Of the shares to be sold, 1.6 million will be offered in theUnited States by underwriters Lehman Brothers, PaineWebberInc. and Daiwa Securities America Inc., and 400,000 will beoffered abroad by a syndicate managed by Lehman BrothersInternational, PaineWebber International and Daiwa Europe Ltd.The underwriters have an overallotment option for anadditional 300,000 shares.
The Carlsbad, Calif.-based antisense company also released onTuesday financial results for the third quarter ended Sept. 30showing an increased net loss due to higher levels of spendingon preclinical research and development. The net loss was $2.4million, or 23 cents per share, on revenues of $2 million,compared with a net loss of $1.1 million, or 17 cents pershare, on revenues of $617,000 for the comparable 1990quarter.
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