IMRE MAY REVERSE-SPLIT STOCKImre Corp. has signed a letter of intent with Allen & Co. Inc. fora public offering that would gross $10 million to $12 million.
In a bid to make its shares more attractive, Imre's board ofdirectors also has recommended a 1-for-2 reverse stock splitfor shareholder approval at the company's June 10 annualmeeting.
"Our thinking is to get the share price up to make a publicoffering attractive to institutional and other investors," EdwardYoshida, vice president of regulatory affairs, said last week.Imre common stock (NASDAQ:IMRE) closed unchanged at $1.13on Friday.
Imre, based in Seattle, develops drugs to treat a diseasedpatient's blood outside the body.
Proceeds from the offering would be used to fund clinical trialsand for general corporate purposes. Imre hasn't yet filed theoffering with the Securities and Exchange Commission.
DYNAGEN SEEKS TO REDEEM WARRANTS
DynaGen Inc. of Cambridge, Mass., said it intends to redeem onJune 14 the common stock purchase warrants issued in itsAugust 1990 initial public offering (IPO). The 1.6 millionwarrants are exchangeable for one share of common stock at$1.50 per share. If all the warrants are exercised, DynaGen willraise $2.4 million and will have 11.1 million shares of commonstock outstanding. DynaGen, which develops diagnostic andtherapeutic products and drug delivery systems, raised $4million on the IPO. DynaGen stock (NASDAQ:DYGN) closedunchanged at $7.88 on Friday.
PHARMATEC GETS SBIR FOR EPILEPSY DRUG
Pharmatec Inc. of Alachua, Fla., said it received a $50,000 SmallBusiness Innovation Research grant from the NationalInstitutes of Health to conduct a pre-clinical test of aninjectable liquid form of carbamazepine, which is used to treatepilepsy. The company (NASDAQ:PHTC) is using its Molecusolcyclodextrin technology to increase the solubility of the drug,which currently is only available in tablet or oral suspensionform.
KNOLL TO CO-MARKET CYTOGEN'S IMAGING AGENTS
Cytogen Corp. (NASDAQ:CYTO) of Princeton, N.J., said it hassigned a letter of intent with Knoll A.G. of Whippany, N.J. forco-marketing Cytogen's cancer diagnostic imaging agents.OncoScint CR103 for colorectal cancer and OncoScint OV103 forovarian cancer, currently under Food and Drug AdministrationReview, would be jointly marketed in the United States;revenues would be shared. Knoll is a subsidiary of BASF A.G. ofGermany.
MGI DRUG GETS ORPHAN STATUS
MGI Pharma Inc. on Thursday said the Food and DrugAdministration has granted orphan drug status to its DidronelI.V. Infusion drug for both treatment and prevention ofosteoporosis in patients receiving total parenteral (injection)nutrition. The Minneapolis (NASDAQ:MOGN) company saidPhase III clinicals for the application may begin this year.
REPLIGEN COMPLETES OFFERING
Repligen Corp. of Cambridge, Mass., a developer of therapeuticsfor AIDS, cancer and inflammation, on Friday said it completeda public offering of 2 million shares of common stock at $12.50per share, raising $25 million. Repligen stock (NASDAQ:RGEN)closed Friday at $12.13, down 88 cents.
FDA APPROVES TWO WHITTAKER DIAGNOSTICS
The Food and Drug Administration has given marketingapproval to two Whittaker Bioproducts Inc. in vitro diagnosticsto detect antibodies to Helicobacter pylori, the bacteriumassociated with chronic gastritis, peptic ulcers and gastriccancer. The Walkersville, Md., company said the products,Pylori Stat and Pylori Fiax, would be available immediately.
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