Cambridge NeuroScience Inc. on Tuesday announced a filing fora public offering of 1.5 million shares.
The Cambridge, Mass., company is the fourth biotechnologycompany to launch a secondary offering this year aftercompleting an IPO during the weak market last spring.
The company's IPO was filed in April for 2 million shares.Completed in June, it raised $24 million, or $12 per share,well below the proposed $15-$17 per share.
Underwriters Smith Barney, Harris Upham & Co. andMontgomery Securities have an option to buy 225,000 shares tocover overallotments. There are 6.9 million shares outstanding.
The company on Monday said it had licensed a neuronal growthfactor, known as growth differentiation factor-1 (GDF-1),which was cloned by researchers at the Carnegie Institution ofWashington. Terms for the worldwide rights were notdisclosed.
GDF-1 joins three other neuronal growth factors under studyby the company for their potential use in neurodegenerativediseases and nerve regeneration.
A U.S. patent application has been filed for GDF-1. Thecompany's stock closed Tuesday at $11, down 88 cents.
-- Steve Usdin BioWorld Washington Bureau
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