Glycomed Inc. on Thursday said it raised $37.5 million througha secondary offering of 2.5 million shares of stock priced at$15 per share. The offering was 500,000 shares larger than thecompany had previously announced.
The Alameda, Calif., company, which is developingpharmaceuticals based on complex carbohydrates, now has 11.7million shares outstanding. Underwriters MontgomerySecurities and Hambrecht & Quist Inc. have a 375,000-shareoverallotment option.
In June, Glycomed (NASDAQ:GLYC) grossed $16.1 million in a2.3 million-share initial public offering priced at $7. Thecompany had hoped to raise between $27.6 million and $32.2million, but had to slash the proposed $12 to $14 share priceto meet soft market conditions.
The stock closed at $18.25, up $1.88, on Thursday.
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