Alliance Pharmaceutical Corp. last week began Phase I clinicaltrials of its Imagent BP perfluorocarbon-based imaging agent.Imagent was developed for intravenous use with computedtomography to detect metastatic tumors, primarily in theliver.
The San Diego company also said its underwriters,Oppenheimer & Co. Inc., Lehman Brothers, and Cowen & Co., solda 390,000-share overallotment for$22.75 per share. Alliancerecently completed a 2.6 million-share secondary offering.
In addition, Boehringer Ingelheim International GmbH exercisedits option to maintain its 5 percent ownership in Alliance bypurchasing 160,685 shares at the underwriters' price of$21.44 per share. The option was granted in 1989 in connectionwith a marketing agreement that granted Boehringer marketingrights outside North America to certain Alliance products.
Net proceeds for Alliance from the secondary offering and theBoehringer transaction totaled $67.6 million. Shares ofAlliance (NASDAQ:ALLP), which is developing products based onperfluorocarbon and emulsion technologies, closed unchangedat $27.75 on Tuesday.
(c) 1997 American Health Consultants. All rights reserved.