Biomatrix Inc. said Tuesday that it has filed for a 2.3 million-share initial public offering with an expected price range of $8to $10 per share. The Ridgefield, N.J., company is the 20thbiotech company to file this year, double the number of IPOs inall of 1990.
Also Tuesday, the underwriter for Osteotech Inc. said thecompany has filed a revised prospectus for its IPO, which waspulled off the market at the last minute last week.
If Biomatrix's offering is successfully completed, the companywill have 8.1 million shares of common stock outstanding.Underwriters Prudential Securities Inc. and Vector SecuritiesInternational Inc. have an option to purchase an additional345,000 shares to cover overallotments.
Biomatrix, which develops biomaterials such as hyaluronicacid for therapeutic and skin-care applications, completed around of venture financing in June, raising $7.3 million inEurope and the United States. The company hopes to raise anadditional $2 million in Canada, of which $500,000 has alreadyclosed, George Oram Jr., Biomatrix's president and chiefoperating officer, said Tuesday.
Biomatrix (proposed NASDAQ:BIOX) has eight products inclinical trials. Synvisc, an injectable, chemically modifiedhyaluronic acid product to replace fluid in joints of patientswith osteoarthritis, is the company's most advanced product.Biomatrix said it hopes to file for marketing approval late thisyear or in early 1992.
Osteotech's revised prospectus will offer 1.25 million sharespriced between $7.50 and $9, said a spokesman for theunderwriter, Bear Stearns & Co. If the offering is completed,the company (proposed NASDAQ:OSTE), which processes boneand ligament tissue, will have 7.1 million shares outstanding.Bear Stearns has a 15 percent overallotment.
Osteotech's original IPO was pulled off the market lastThursday, one day before the deal was to settle, after DesmondO'Connell, chairman and chief executive officer, announced anindefinite leave of absence for medical reasons. TheShrewsbury, N.J., company had sold 1.25 million shares at$9.25.
Idexx Corp. of Portland, Maine, completed its IPO last month,selling 1.6 million shares at $15. Idexx (NASDAQ:IDXX), whichdevelops veterinary immunoassays, had proposed a price rangeof $16.50 to $18.50.
-- Karen Bernstein BioWorld Staff
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