GENZYME RAISES $18.6 MILLION IN OVERALLOTMENT SALEGenzyme Corp. of Cambridge, Mass., announced Wednesday thatit raised $18.6 million from the sale of an overallotment ofshares related to its March 22 public offering. The additional525,000 shares were priced at the offering price of $35.50.Total value of the 4,025,000-share offering is about $143million. PaineWebber Inc., Kidder Peabody & Co. Inc. and Cowen& Co. co-managed the offering. Genzyme (NASDAQ:GENZ) closedWednesday at $39, up $1.
MERIDIAN LICENSES DDI'S IMMUNOASSAY PRODUCTS
Meridian Diagnostics Inc. of Cincinnati on Wednesday said ithas entered into a non-exclusive license with DiseaseDetection International Inc. of Irvine, Calif., to manufactureand sell all of DDI's immunoassay products that have beenapproved by the Food and Drug Administration. Meridian(NASDAQ:KITS) also obtained an exclusive license for all newprocedures and products developed using DDI technology eitherby Meridian or by the two companies under a joint R&Dagreement. The pact provides Meridian part of the profits fromDDI's Serocard HIV diagnostic.
U.S. BIO GRANTS HEXALEN MARKETING RIGHTS IN ASIA
U.S. Bioscience Inc. of West Conshohocken, Pa., has signed adefinitive agreement granting Kanebo Ltd. marketing rights toHexalen, an oral anti-cancer agent for advanced ovarian cancer.Kanebo, based in Osaka, Japan, will have marketing rights forJapan, Taiwan and South Korea, and will pay undisclosedroyalties. U.S. Bioscience (AMEX:UBS) is marketing Hexalen inthe United States. The Food and Drug Administration approvedHexalen for the treatment of persistent or refractory ovariancancer last December.
CELL ADJUSTS PRICE OF IPO SHARES
Cell Technology Inc. of Boulder, Colo., said it is adjusting theexercise price and number of shares issuable under warrantsissued in its 1987 initial public offering. The changes are inkeeping with anti-dilution provisions of the warrants, thecompany said, and were triggered by a series of stock andoption grants to consultants and company directors. The per-share exercise price was reduced to $5.57 from $5.73. Thenumber of shares issuable per warrant increased to 1.44 from1.40. The adjustments also affected the company's redemptionrights.
CYTREX GETS $1 MILLION MILESTONE PAYMENT
Cytrex Corp. of Norcross, Ga., Wednesday said it had received a$1 million milestone payment from Burroughs Wellcome Co.related to completion of a toxicity study for RheothRx, acopolymer used to treat problems with vascular drug flow.Burroughs Wellcome this week completed acquiring worldwidemarketing rights to RheothRx, paying Cytrex (NASDAQ:CYTR)$500,000 to exercise its option to acquire rights in Japan.
HEMACARE PLANS TO CELL PLASMA DONOR CENTERS
HemaCare Corp. of Sherman Oaks, Calif., said it will sell twoof its specialty plasma donor centers to AM-RHO LaboratoriesInc. of Jacksonville, Fla., for $225,000. Sale of the centers inSouthern California, operated by HemaCare's MD LaboratoriesInc. subsidiary, is subject to Food and Drug Administrationapproval.
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