CYTOGEN FILES FOR OFFERINGCytogen Corp. of Princeton, N.J., which is developing cancerdiagnostics and therapeutics, said Tuesday it has filed for apublic offering of 2 million shares of common stock. Followingthe offering, Cytogen will have 17.8 million shares outstanding.Underwriters Lehman Brothers and Merrill Lynch & Co. havean overallotment of 300,000 additional shares. Cytogencommon stock (NASDAQ:CYTO) closed Tuesday at $14, down$1.38.
Also on Tuesday, Immune Response Corp. said it completed itspublic offering of 2.5 million shares at $11 per share. ImmuneResponse had planned to offer 2.2 million shares, but said itincreased the number of shares due to investor interest. Thecompany has 13.5 million shares outstanding. ImmuneResponse stock (NASDAQ:IMNR) closed unchanged Tuesday at$11.25. The San Diego company is developing drugs targeted atAIDS and autoimmune diseases.
CELGENE TO PRODUCE CHIRAL METHOD FOR SCHERING
Celgene Corp. on Tuesday said it will use its proprietarybiocatalysis technology to develop a low-cost method toproduce a chiral intermediate for Schering-Plough Corp., whichwill use the compound in an unnamed pharmaceutical product.Terms were not disclosed.
Chirals are polymers that have mirror-image forms. Normallyone form is the active ingredient and the other is inactive orcauses side effects. Celgene, of Warren, N.J., uses microbes orenzymes to produce pure molecules of the active form.
Celgene common stock (NASDAQ:CELG) closed Tuesday at$10.25, up 13 cents.
IMMUNEX STOCKHOLDERS VOTE TO DOUBLE SHARES
Immunex Corp. shareholders voted Tuesday at the company'sannual meeting to double the number of authorized commonshares to 40 million. The Seattle company (NASDAQ:IMNX),which has 14.5 million shares outstanding, said it currently hasno plans to issue new shares, but that they would be availablefor general corporate purposes, including stock splits anddividends, acquisitions, and additional public or privateofferings.
BTGC SIGNS DISTRIBUTION DEAL FOR OPHTHAMLIC
Bio-Technology General Corp. of New York announced Tuesdayan agreement with Laboratoire Chauvin, a French ophthalmiccompany, to distribute BTGC's hyaluronic acid-basedophthalmic products in France, Switzerland, Belgium, theNetherlands, Luxembourg and French-speaking Africancountries. HA is used to maintain fluid in the eye duringophthalmic surgical procedures.
Chauvin will submit BTGC's product for European regulatoryapproval this year and expects approval within 18 to 24months. Chauvin also will purchase from BTGC a guaranteednumber of syringes with HA at a guaranteed price uponEuropean approval. BTGC will receive a small up-front fee.
JCR Pharmaceuticals Co. Ltd. is the licensee for Japan.
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