Glycomed Inc. said Monday that it intends to file for a publicoffering of 2 million shares of common stock, making it thesecond company this year to file a secondary offering onlymonths after its initial public offering. Glycomed stock(NASDAQ:GLYC) closed Monday at $11.25, down 75 cents.
Cor Therapeutics Inc. of South San Francisco, Calif., announcedlast week that it was filing for a 2 million-share offering.
Alameda, Calif.-based Glycomed, which is developing drugsbased on carbohydrates, netted $16.7 million from an IPO of2.6 million shares priced at $7 in June. Glycomed, which wentpublic during one of the softer market periods this year, hadhoped to price its shares between $12 and $14, which wouldhave raised more than $30 million.
Cor (NASDAQ:CORR), which planned to sell 2.5 million shares inan IPO priced at $9 to $11 in May, found itself in the same boatas Glycomed and others, selling 2 million shares at $7.50 inJune.
If this offering is completed, Glycomed will have 11.2 millionshares outstanding. -- Karen Bernstein
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