CYTRX TO EXTEND WARRANT EXPIRATION DATECytRx Corp. said it plans to extend by one year to Nov. 9, 1992,the expiration date of its class B warrants for all holders ofclass A warrants who exercise the A warrants prior to theirNov. 9, 1991, expiration date. Each A warrant entitles theholder to receive one B warrant upon purchase of one share ofCytRx common stock for $3.25. Each B warrant entitles theholder to purchase one share of common stock for $5.
The Norcross, Ga., company, which is developing copolymers totreat vascular, immune system and infectious diseases andburns, has 7.2 million class A warrants outstanding.Underwriters have an option to buy an additional 300,000. Itsstock (NASDAQ:CYTR) closed unchanged at $1.94 on Wednesday.
AMERICAN CYANAMID EXPANDS ONCOLOGY RESEARCH
American Cyanamid Co. of Wayne, N.J., said it is expanding itsoncology research program to include a collaboration withCelltech Ltd. of Slough, United Kingdom. Since 1987, Celltechhas been a research subcontractor to Cyanamid in thedevelopment of monoclonal antibody-based cancer therapiesusing drugs and isotopes. Cyanamid (NYSE:ACY) has alreadydeveloped a number of agents targeted against breast, colon,lung and other cancers. Celltech is humanizing MAbs to avoidimmune responses by patients. No details of the agreementwere released.
UNDERWRITERS TAKE CYTOGEN OVERALLOTMENT
Cytogen Corp. reported Wednesday that its underwriters,Lehman Brothers and Merrill Lynch & Co., have exercised a300,000-share overallotment, bringing to 18.1 million thenumber of shares outstanding. Including the overallotment,Cytogen grossed $33.9 million in its 2 million-share offeringcompleted May 22 at $14.75 per share. Stock in the Princeton,N.J.-based developer of cancer diagnostics and therapeutics(NASDAQ:CYTO) closed at $15, up 38 cents, on Wednesday.
PARAVAX TO MOVE TO COLORADO
Paravax Inc. of Mountain View, Calif., said it plans to relocateto Fort Collins, Colo., by September. The company, whichdevelops parasite vaccines for animals, has a majorcollaboration with researchers at Colorado State University inFort Collins to develop a dog heartworm vaccine. The move willconsolidate the project at one location and provide theopportunity to work closely with parasitology researchers at amajor veterinary school, said Dr. Lynnor Stevenson, Paravaxpresident.
MARROW-TECH CLASS A STOCK TRADES ON NASDAQ
Marrow-Tech Inc. of La Jolla, Calif., a developer of humanorgan tissues, said its Class A common stock began tradingTuesday on the NASDAQ National Market System. Its tickersymbol remains MAROA.
BAXTER TO DISTRIBUTE PHARMACIA PRODUCTS
Pharmacia LKB Biotechnology Inc., a Piscataway, N.J., unit ofPharmacia BioSystems of Sweden, said it has entered into anexclusive agreement for U.S. distribution of its restriction andmodifying enzyme products. The agreement is with theScientific Products unit of Baxter Diagnostic Inc.
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