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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Dauntless who wrote (991)	4/19/2000 11:30:00 AM
From: hoyasaxa	Read Replies (1) \| Respond to of 52153

Texas Biotech -- if close to FDA approval, why issue more shares at $12.5? HOUSTON, April 7 (Reuters) - Texas Biotechnology Corp. (AMEX: TXB), which is developing an anti-clotting drug, on Friday said it will offer another five million shares of common stock at a price of $12.50 a share. Gross proceeds from the offer, to close April 12, will total about $62.5 million. The company plans to use net proceeds to fund further clinical development of its product candidates, including Novastan, its anti-clotting drug, for research and development and for general corporate purposes. Underwriters were led by PaineWebber Inc.; Prudential Vector Healthcare Group, a unit of Prudential Securities; First Union Securities Inc.; and Sanders Morris Harris.