UNDERWRITERS BUY GENSIA STOCK OVERALLOTMENTGensia Pharmaceuticals Inc. (NASDAQ:GNSA) of San Diego onTuesday said its underwriters have exercised an option to buyan overallotment of 345,000 additional shares of Gensiacommon stock at $14.50 per share in connection with thepreviously announced public offering of 2.3 million shares.Common stock outstanding after the offering, including theoverallotment, will be about 15.7 million shares. Alex. Brown &Sons Inc. and Montgomery Securities are co-managers of theoffering.
AMERICAN BIO TO ASK TO EMERGE FROM BANKRUPTCY
American Bionetics Inc. of Hayward, Calif., which filed forChapter 11 protection in November, next week will seekapproval from the U.S. Bankruptcy Court to emerge frombankruptcy after selling the companyLs remaining assets.
ABN said that Charles M. Atkinson, a Scottsdale, Ariz., investor,has agreed to buy all of the company's assets for $600,000.Atkinson will bring in a new management team, said JerryMattingly, who became chief executive officer in October with amandate to find a buyer.
Atkinson will drop ABN's diagnostics product line and keep thecompany's DNA and RNA synthesis products for automatedDNA synthesizers, said Mattingly.
ABN will be taken private if the sale is approved at theOakland, Calif., hearing on April 3. Prior to being delisted, ABNtraded under the NASDAQ symbol AMBI.
U.S. BIO GETS EXCLUSIVE LICENSE TO AZQ
U.S. Bioscience Inc. of West Conshohocken, Pa., said it has beengranted a seven-year exclusive license in the United States topatents held by the U.S. government for the use of Diaziquone,or AZQ, to treat brain cancer. U.S. Bioscience (AMEX:UBS) plansto file a new drug application with the Food and DrugAdministration in 1992.
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