Monday, March 3, 1997
Biotech bankers re-familiarized themselves with the SEC last week, filing to carve $288.6 million out of the financing pie in three sizeable deals. Companies looking for funding include PathoGenesis (PGNS); Vertex (VRTX); and Human Genome Sciences (HGSI). Using Friday's closing prices, VRTX would get the biggest piece - $115.6 million - in its 2.5 million share deal. HGSI would gross $114 million in its 3 million share deal. PGNS would snare $59 million. VRTX is re-dipping the equity ladle only seven months after raising $83 million in a 3 million-share follow-in August. Even though VRTX was off $3.50 last week to $46.25, the Street apparently believes VRTX has created some value since that deal, which was sold at $24
MARKET HOPEFULS: SpectRx Inc. (Proposed:SPRX) filed to sell a 2 million share IPO at $10-$12. An $11 price would give the company an $83 million market cap. SpectRx (Norcross, Ga.) is developing a glucose monitoring product, in addition to tests for diabetes screening and infant jaundice. The already crowded glucose monitoring field includes Cygnus (CYGN), BioControl Technology (BICO) and Integ (NTEG).