SOMATOGEN FILES FOR 2 MILLION-SHARE IPOSomatogen Inc., a Boulder, Colo.-based developer of humanblood substitutes, has filed for an initial public offering of 2million shares of common stock priced between $17 and $19per share. If the offering is completed, the company will have7.4 million shares outstanding.
Somatogen also announced that it has filed an investigationalnew drug application with the Food and Drug Administrationfor Phase I clinical trials of its recombinant humanhemoglobin, which is produced in E. coli bacteria. The companyhopes to begin trials this fall.
Proceeds of the offering will be used to purchase plant andcapital equipment and for research and development, clinicaltrials and general corporate purposes.
Underwriters Alex. Brown & Sons Inc. and MontgomerySecurities have an option to purchase an additional 300,000shares to cover overallotments.
MGI SHAREHOLDERS OK PREFERRED STOCK INCREASE
MGI Pharma Inc. shareholders earlier this month approved anincrease in the number of authorized shares of preferred stockto 10.3 million from 338,000 and an increase in the number ofauthorized shares of common stock reserved for issuanceunder the company's 1984 stock option plan to 1.5 millionshares from 1.1 million shares. Minneapolis-based MGI(NASDAQ:MOGN) develops cancer-related therapeutics.
(c) 1997 American Health Consultants. All rights reserved.