REGENERON'S STOCK REACHES PRE-OFFER RANGEThe price of Regeneron Pharmaceuticals Inc.'s common stockclosed Thursday at $18, down 25 cents. The stock has lost 18percent of its value since the Tarrytown, N.Y., companycompleted an initial public offering on Tuesday at $22 pershare. It is now trading in the range ($16-$19) at whichRegeneron (NASDAQ:REGN) originally intended to price its IPOwhen the announcement was made in February.

APPLIED BIOSCIENCE FILES FOR OFFERING

Applied Bioscience International Inc. of East Millstone, N.J., onThursday filed for a public offering of 1.3 million shares ofcommon stock. Of those, 600,000 are new shares and 700,000are being sold by a group of executives at EnvironInternational Corp. The two companies announced a mergerlast May.

Proceeds will be used to repay certain merger expenses and forgeneral corporate purposes. Underwriters are LehmanBrothers, Hambrecht & Quist Inc. and Raymond James &Associates Inc. If the offering is successfully completed,Applied Bio will have 11.1 million shares of common stockoutstanding. Applied Bioscience stock (NASDAQ:APBI) closed at$28.50 on Thursday, down 25 cents.

UNDERWRITERS TO BUY CAL BIO OVERALLOTMENT

California Biotechnology Inc. of Mountain View, Calif., whichcompleted its public offering of 2.5 million shares of commonstock last month, said its underwriters have exercised anoption to buy an overallotment of 375,000 shares of Cal Biocommon stock (NASDAQ:CBIO) at $14.63 per share. Commonstock outstanding after the offering, including theoverallotment, will be 14.6 million shares. Hambrecht & QuistInc., Lehman Brothers and Cowen & Co. managed the offering.Cal Bio closed at $16.63, up $1.88.-- Karen Bernstein

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