IMMULOGIC FILES FOR 3 MILLION-SHARE IPOImmuLogic Pharmaceutical Corp. on Thursday said it has filed aregistration statement with the Securities and ExchangeCommission for an initial public offering of 3 million shares ofcommon stock. The offering price is expected to be between$14 and $16 per share.
ImmuLogic, founded in 1987, is developing products to treatallergies and autoimmune diseases. The company hopes tobegin clinical trials of its first product, Catvax, in 1992.
The company, based in Cambridge, Mass., signed a five-yearcollaborative research agreement with Merck & Co. Inc. inOctober 1989 to develop drugs for the treatment of Type 1diabetes and rheumatoid arthritis. Merck will contribute atleast $20 million in research funding and will market anyresulting products.
Underwriters for the offering are Hambrecht & Quist Inc. andMerrill Lynch & Co.
CIBA DEBENTURES EXCHANGEABLE FOR ALZA STOCK
Ciba-Geigy Corp. of Ardsley, N.Y., issued $100 million in 6.25percent exchangeable subordinated debentures, which areexchangeable for Alza Class A common stock held by Ciba. Cibaalso completed a previously announced sale of 1 million sharesof Alza Corp. Class A common stock.
Ciba now holds 523,000 shares of Alza common stock andwarrants to purchase 363,000 shares, a total of 1.5 percent ofAlza common stock. An additional 1.4 million Alza sharesunderlie the debentures. Prior to the sale, Ciba owned 2.9million shares of common stock, or 8.6 percent of total Alzashares outstanding. Ciba acquired its interest in Alza in 1978.The purpose of the sale was to realize a gain on Ciba's commonstock investment in Alza.
The companies have an ongoing business relationship, includingtransdermal drug delivery systems developed by Alza andmarketed by Ciba.
CO-DEVELOPMENT OF POLIO VACCINE
North American Vaccine Inc. of Beltsville, Md., on Thursdaysaid its Amvax Inc. subsidiary has entered into an agreementto jointly develop a DTP-polio vaccine with the state-ownedStatens Seruminstitut of Denmark. The organizations alsogranted each other rights to acquire certain of the other'svaccine products.
HEM SEEKS TO MARKET AIDS DRUG IN IRELAND
HEM Pharmaceuticals Corp. of Philadelphia announced it hasfiled for marketing approval of its AIDS drug Ampligen inIreland. HEM expects the National Drugs Advisory Board ofIreland to complete review of the application by this fall.
Ampligen is a mismatched double-stranded RNA molecule withanti-viral and immunoregulatory activities. HEM is testingAmpligen as an AIDS therapeutic in FDA-approved clinicaltrials in the United States.
HEM also announced that Ampligen blocks the ability of humanherpes virus 6 (HHV-6) to accelerate the progression of HIVinfection in test tube studies. Dr. Robert Suhadolnik, an HEMconsultant from Temple University, reported the interactionbetween HIV and HHV-6 at the International Congress onBiological Response Modifiers in Quebec.
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