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Biotech / Medical : Oxford GlycoSciences Plc
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To: nigel bates who wrote (83)12/8/2000 5:11:27 AM
From: nigel bates   of 469
 
LONDON, Dec 8 (Reuters) - British biotechnology firm Oxford Glycosciences (LSE: OGS.L - news) Plc has defied market sceptics by raising 170 million pounds ($245.8 million) before expenses through a share issue, 20 million pounds more than targeted.
A company official said 150 million pounds was the base offer, while shares worth an additional 20 million pounds were allotted after the issue proved popular with investors.
The funds were raised for the firm -- a specialist in proteomics, or the role of proteins in disease -- under an open offer and international offering that will see the stock listed on the U.S. Nasdaq market.
The share issue was the largest ever completed by a UK biotech firm. Its success had appeared in doubt at one stage after Nasdaq slipped and OGS itself slumped as some investors took fright at the scale of the cash call.
In the event, the shares were issued at 12.75 pounds each, a 6.1 percent discount to the closing mid-price on Thursday. Under the terms of the offering, the stock could have been priced at a discount of up to 10 percent.
"We are delighted that despite these very difficult market conditions, the offers have been successful. This transaction...will position OGS to capture significant value emerging from the proteomics revolution for drug discovery," said Chief Executive Michael Kranda.
An official said the issue was subscribed three times....
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