California Biotechnology Inc. said it has raised $56.9 millionthrough an offering of 2.5 million shares of common stock at$22.75 per share.

The Mountain View, Calif., company said Tuesday that theoffering was increased from an anticipated 2 million shares.After the offering, the developer of products forcardiopulmonary diseases, tissue repair and metabolicdisorders has 17.4 million shares outstanding. UnderwritersHambrecht & Quist Inc. and Cowen & Co. have a 375,000-shareoverallotment option.

Cal Bio stock (NASDAQ:CBIO) gained 63 cents Tuesday, closingat $23.75.

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