North American Vaccine Inc. said Thursday that it hascompleted its secondary offering, raising $41.6 million on thesale of 3 million shares at $13.88. Beltsville, Md.-based NorthAmerican had originally proposed selling 2.5 million shares ofstock. After the offering, the company has 12.6 million sharesoutstanding.
The price of North American shares (AMEX:NVX) has nearlydoubled since the offering was announced on June 21, when thestock closed at $7.88. The stock closed Thursday at $14.88, up25 cents. Sharon Mates, company president, credited thestock's gains to the company's recent road show, which shesaid introduced many investors to the company for the firsttime.
North American is developing pediatric vaccines. The firstproduct in line is its pertussis vaccine for use in a DTP(diphtheria, pertussis and tetanus) vaccine. That product is inPhase II/III clinical trials in Sweden. If those trials aresuccessfully concluded, the company may apply for U.S. Foodand Drug Administration marketing approval.
Underwriter Tucker Anthony Inc. has an option to purchase anadditional 450,000 shares to cover overallotments. -- KarenBernstein
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