Athena Neurosciences Inc. said Monday that it has filed for aninitial public offering of 3.5 million shares of common stockwith an expected price range of $10 to $12 a share. If theoffering is successfully completed, Athena will have 13.2million shares outstanding.

Athena has two in-licensed drugs in advanced development. Ananti-convulsant to treat epilepsy, AHR 11748, is in Phase IItrials. Athena on Sept. 27 filed an investigational new drugapplication to begin Phase III trials of tizanidine to treatmultiple sclerosis.

Athena is developing drugs to treat neurological disorders. InAugust, the company announced a three-year researchcollaboration with Wyeth-Ayerst to develop drugs based onAthena's technology for blocking the pathological migration ofwhite blood cells to the brain. In connection with thatagreement, Wyeth-Ayerst paid $2 million for 400,000 sharesof Athena stock.

PaineWebber Inc. and Alex. Brown & Sons Inc., which willunderwrite the offering for the South San Francisco, Calif.-based company, have an option to purchase an additional525,000 shares to cover overallotments. -- KB

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