Applied Immune Sciences Inc. and U.S. Bioscience Inc. onThursday announced that they had completed their publicstock offerings, raising nearly $90 million between them.

Applied Immune of Menlo Park, Calif., raised $31.2 million in a2.6 million-share initial public offering priced at $12 per share.That was 300,000 more shares than the company originallyannounced, giving it 7.1 million shares outstanding.Underwriters Montgomery Securities and Furman Selz Inc.have an option to buy 400,000 additional shares to coveroverallotments.

About $1.2 million worth of promissory notes were exchangedfor stock in the offering, and $787,000 raised by the IPO willbe used to repay the remainder of the notes.

Major equity holders after the offering are Advanced MedicalInc., with 11.6 percent of shares; Montgomery Medical VentureFunds, with 11.1 percent; Chancellor Capital Management Inc.,with 9.6 percent; Nazem & Co., with 9.4 percent; and AnchisesVenture Corp., with 8.6 percent. Applied Immune has onecorporate partner with an equity stake, Baxter HealthcareCorp., which holds less than 5 percent of Applied Immunestock.

The company is developing device-based treatments forimmune-related diseases that enable the application ofbiologicals to cells and proteins outside of the body.

Applied Immune stock (NASDAQ:AISX) closed at $13.25 onThursday.

U.S. Bioscience of West Conshohocken, Pa., raised $57 million ina secondary offering of 2 million shares sold at $28.50 a share.The company, which emphasizes drugs in late stages ofdevelopment, now has 18.8 million shares of stock outstanding.Underwriters Alex. Brown & Sons Inc., Robertson Stephens &Co. and Vector Securities International Inc. can purchase anadditional 300,000 shares to cover overallotments. U.S.Bioscience stock (ASE:UBS) closed at $29.25, up 75 cents.

Vestar Inc. and The Immune Response Corp. also said onThursday that they had sold their overallotments. Vestar ofSan Dimas, Calif., sold 250,000 shares at $7.50 per share, givingit about 9 million shares outstanding. The common stock(NASDAQ:VSTR) closed at $7.38, up 38 cents.

San Diego-based Immune Response sold 375,000 shares at $11per share, giving it 13.9 million shares outstanding. The stock(NASDAQ:IMNR) closed at $12.88, up 25 cents.

-- Karen Bernstein BioWorld Staff

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