Clinical Technologies Associates said Friday that TredegarIndustries, an investor in the company, will purchase anadditional 112,500 shares of CTA common stock, netting CTA$900,000.

Tredegar's holdings will total 326,786 shares, or 7 percent ofshares outstanding.

CTA, a drug delivery company based in Elsmford, N.Y., hopes toraise another $5 million from the sale of 841,250 shares ofstock underlying warrants that were issued as part of thecompany's initial public offering. The warrants expire on Feb.6, 1992, and are exercisable at $6 per share. CTA has re-registered those shares.

If all of the warrants are exercised, CTA will have 4.4 millionshares outstanding. CTA stock (NASDAQ:CTAI) closed unchangedat $13.88 on Friday.

In June, CTA completed a $7.2 million offering of 897,500shares of stock priced at $8 per share to institutional andprivate investors.

Tredegar, a conglomerate based in Richmond, Va., is workingwith CTA to develop non-medicinal applications of CTA'samino acid-based drug delivery technology.

The technology encapsulates drugs in pH-sensitivemicrospheres. The spheres remain closed in the acidicenvironment of the gastrointestinal tract, but they open in thebase environment of the blood stream. -- KB

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