ImClone Systems Inc. on Thursday filed for an initial publicoffering of 2 million shares of common stock with a proposedprice range of $13 to $15 per share. If the offering iscompleted, ImClone would have 7.1 million shares outstanding.
ImClone is developing monoclonal anti-idiotype antibodies totreat cancers. Anti-ids mimic antigens by binding tothe same antibody sites. The company is developing recombinantproteins to treat blood and immune system disorders andinflammatory diseases.
In September, ImClone filed an investigational new drugapplication for its lead cancer therapeutic, BEC-2, to treatmalignant melanoma. ImClone in January signed a four-year,$10 million deal with E. Merck of Germany to develop anti-idsand recombinant antigens for melanoma therapy.
Other compounds in development include totipotent stem cellgrowth factor (T-SCF) to treat the side effects ofchemotherapy and radiation therapy; a variant of interleukin-6(IL-6) to stimulate platelet production in patients undergoingcancer therapy; and an interleukin-1 (IL-1) inhibitor to treatinflammatory diseases such as rheumatoid arthritis,inflammatory bowel disease, septic shock and certainleukemias. The company expects to file an investigational newdrug application for its IL-6 variant by the end of 1992.
Underwriters Smith Barney, Harris Upham & Co. and Robertson,Stephens & Co. have a 300,000 share overallotment option.
New York-based ImClone will trade on NASDAQ under theproposed symbol "IMCL." -- KB
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