Alliance Pharmaceutical Corp. has raised more than $59million in an enlarged secondary offering of 2.6 million sharesof common stock priced at $22.75 per share.
The San Diego company, which had originally planned to sell 2million shares, has 17.1 million shares outstanding after theoffering. Alliance stock (NASDAQ:ALLP) closed at $22.50, down63 cents, on Wednesday.
Alliance now has sufficient funds for two-and-a-half to threeyears, said spokesman Stuart Gauld. The company is developingdiagnostic contrast agents and oxygen carriers based onperfluorocarbon and emulsion technologies.
Underwriters Oppenheimer & Co. Inc., Lehman Brothers andCowen & Co. have an option to buy an additional 390,000 sharesto cover overallotments.
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