Genetic Therapy Inc. on Wednesday said it has completed itsinitial public offering of 1.6 million shares of common stockat $9 per share. As has happened with many other biotechcompanies recently, Genetic Therapy had to reduce both thenumber of shares offered and their price. The Gaithersburg,Md., company had hoped to sell 2 million shares at $11 to $13per share.
Genetic Therapy (NASDAQ:GTII), which develops retroviralvectors as delivery systems for human gene therapy, closed at$8.75 on Wednesday. After the offering there are 7.2 millionshares outstanding.
Underwriters First Boston Corp., Montgomery Securities andSmith Barney, Harris Upham & Co. have an option to purchase anadditional 233,250 shares to cover overallotments.
Also on Wednesday, Immunomedics Inc. of Warren, N.J., saidthat its underwriters have exercised their option to purchase a330,000-share overallotment at $7 per share. Immunomedicsis developing products to detect and treat cancers andinfectious diseases. Underwriters are Allen and Co. and KemperSecurities Group Inc.
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