Interferon Sciences Inc. has filed for a public offering of 1million shares of convertible preferred stock at a proposedprice of $10 per share. The interest rate for the stock and thestock symbol haven't been determined yet. CommonwealthAssociates of New York is the underwriter.
Proceeds will be used primarily to support clinicaldevelopment of the New Brunswick, N.J., company's AlferonLDO, its low-dose oral interferon for AIDS and AIDS-relatedcomplex, and for Alferon gel for topical treatment of viraldiseases and cancers. Alferon LDO is in Phase I/II trials andAlferon gel has just completed Phase I/II trials.
Interferon Sciences (NASDAQ:IFSC) is a 72 percent ownedsubsidiary of National Patent Development Corp. of New York.Interferon stock closed Wednesday at $6.75, up 25 cents.
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