Embrex Inc. on Friday said it has filed for an initial publicoffering of 1.7 million shares of common stock and an equalnumber of warrants. The proposed price is $7 to $9 per share,and the warrants are expected to be priced at 10 cents each.Terms of the warrants werenLt available.
After the offering, Embrex of Research Triangle Park, N.C., willhave 3.2 million shares outstanding. Underwriter RosenkrantzLyon & Ross of New York has an option to buy 255,000 moreshares to cover overallotments.
Embrex markets its Inovoject automated egg-injection systemfor the poultry industry. Embrex sells for use with Inovojecttwo poultry vaccines against MarekLs, which causes skinlesions. Virtually all of the 6 billion chickens grown annuallyin the United States are vaccinated against MarekLs.
An additional 27,000 shares and warrants may be sold bycertain shareholders.
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