Biopesticide maker Ecogen Inc. on Friday announced a down-scaled public offering of 1.65 million shares of common stockat $8 per share, grossing $13.2 million.
Ecogen (NASDAQ:EECN) had originally intended to offer 3.2million shares. But the underwriters suggested that Ecogenreduce the number of shares offered because of conditions inthe market, which is crowded with biotech companies offeringstock, a representative for the Langhorne, Pa., company said.
Ecogen stock closed at $7.75 on Friday, down 25 cents.
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