CENTOCOR SPLITS STOCKCentocor Inc. on Wednesday announced a 2-for-1 commonstock split effective May 1 to shareholders of record on thatdate. Hubert J.P. Schoemaker, chairman and chief executiveofficer, said the split was intended to increase liquidity andtrading volume in the Malvern, Pa., companyLs shares. Centocor,which is developing monoclonal antibody products, had about16.2 million shares outstanding as of March 31. The stock(NASDAQ:CNTO) closed Wednesday at $70.25, down $1.75. Its52-week range has been between $27.50 and $77.75.
IMMUNEX STOCK CONTINUES TO FALL
The price of Immunex Corp. common stock continued to tumblein the wake of a negative report on the company's Leukinegranulocyte macrophage colony stimulating factor by biotechanalyst Jeff Casdin of Oppenheimer & Co. in New York. Thestock dropped another $3 on Wednesday, closing at $48.50, fora loss of 15 percent since its Friday close of $57.
Seattle-based Immunex (NASDAQ:IMNX) released a statementsaying that Oppenheimer's report mischaracterized the safetyand efficacy of Leukine and unfairly portrayed clinical data onGM-CSF to be presented in May at the American Society ofClinical Oncology meeting.
COLLAGEN SEEKS TO SELL DENTAL IMPLANT BUSINESS
Collagen Corp. of Palo Alto, Calif., has announced its intention tosell its titanium-based dental implant business. The decisionsupports Collagen's efforts to focus on collagen-based products,such as the Contigen Implant for urinary stress incontinenceand Collagraft Implant for bone fracture repair, both of whichare awaiting Food and Drug Administration approval.
The company predicts that this action will lower third-quarterearnings by $5 million to $6 million. Collagen's common stockfell $3.88 to $22.38 immediately after the announcement, butgained back 63 cents Wednesday, closing at $23.
CELGENE FILES FOR OFFERING
Celgene Corp. of Warren, N.J., has filed for a public offering of1.75 million shares of common stock. Celgene will have 7.2million shares of common stock outstanding when the offeringis completed.
Net proceeds will be used to fund development andcommercialization of Celgene's chiral chemical technology andbiotreatment systems.
For the year ended Dec. 31, Celgene had a net loss of $7.2million on revenues of $1.6 million. Celgene common stock(NASDAQ:CELG) closed at $10.50 Wednesday.
Donaldson, Lufkin & Jenrette Securities Corp. is managing theoffering. The underwriters have an option to buy 262,500additional shares to cover overallotments.
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