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Biotech / Medical : Munch-a-Biotech Today -- Ignore unavailable to you. Want to Upgrade?

To: JMarcus who wrote (821)	2/2/2000 10:44:00 AM
From: Biomaven	Read Replies (1) \| Respond to of 3158

GLGC just completed a huge offering (biigest ever follow-on offering), taking good advantage of the gene-frenzy: AITHERSBURG, Md., Feb. 2 /PRNewswire/ -- Gene Logic Inc. (NASDAQ:GLGC), a leading provider of genomics information, today announced that it has completed a $270 million follow-on offering of 4,830,000 shares of common stock at $56.00 per share. The total includes the exercise of the underwriters' overallotment option of 630,000 shares, 150,000 of which were sold by certain stockholders of the Company. The gross proceeds to the Company as a result of the offering were $262 million. The offering was lead managed by ING Barings, and co-managed by Chase H&Q, Robertson Stephens and Dain Rauscher Wessels. The Company's net proceeds from the offering will be used to fund product and technology development, to expand database product marketing efforts, to provide working capital and for general corporate purposes, including possible acquisitions. Mark D. Gessler, Gene Logic's President and Chief Operating Officer said, "The completion of this offering creates a very strong foundation for future growth of the Company, further development of the GeneExpress(TM) database and expansion of the marketing and sales organization." According to Samuel E. Navarro, Global Head of Health Care Investment Banking for ING Barings, "This transaction is the largest follow-on offering of any independent biotechnology company in the history of the industry." They didn't have a huge burn rate, so maybe they want to go shopping?Companies might have been reluctant to accept GLGC's charge card (stock), sensibly worrying that the present valuation wouldn't last. Now GLGC could pay part cash for a small company. Hard to know where they would look - a friend suggested that they could follow in MLNM's footstep's with a LKST-like deal. Peter