Applied Immune Sciences of Menlo Park, Calif., announced onMonday that it has filed an initial public offering registrationstatement with the Securities and Exchange Commission (SEC)for 2.3 million shares of common stock.
Also on Monday, U.S. Bioscience Inc. of West Conshohocken, Pa.,announced that it has filed with the SEC to offer a secondaryround of 2 million shares of its common stock.
Applied Immune Sciences anticipates that its shares will sell at$10 to $12 per share. The company plans to use the proceeds tocontinue clinical trials of its immune-related products, toestablish a marketing organization, to scale up itsmanufacturing capabilities and to continue drug developmentprograms. Montgomery Securities and Furman Selz Inc. willunderwrite the offering.
The company is developing device-based treatments forimmune-related diseases that enable the application ofbiologicals to cells and proteins outside of the body.
U.S. Bioscience (AMEX:UBS), which develops cancer drugs, onMonday closed at $34.13 per share. The company will use thefunds to expand its European operations, expand clinical trialsand repay its debts. The underwriters are Alex. Brown & SonsInc., Robertson, Stephens & Co. and Vector SecuritiesInternational Inc.
-- Carol Talkington Verser Special to BioWorld
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