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To: nigel bates who wrote (1887)	9/6/2000 10:27:38 AM
From: nigel bates	Read Replies (1) \| Respond to of 4974

WASHINGTON, Sept 5 (Reuters) - Elitra Pharmaceuticals Inc., which is working on new drugs to fight drug-resistant bacteria and fungi, filed on Tuesday to raise $86.25 million in an initial public offering. The San Diego-based company plans to use the net proceeds from both the IPO and a concurrent private placement for research and development, access to complementary technologies, patent prosecution and other capital investments, as well as working capital and general corporate purposes. The exact number of common shares and their price range would be determined later. In its filing with the Securities and Exchange Commission, Elitra said it applied for a Nasdaq listing under the symbol ``ELIT'' (Nasdaq:ELIT - news). Chase H&Q and U.S. Bancorp Piper Jaffray were jointly managing the offering. Elitra, whose major backers include the genetic database company Incyte Genomics Inc. (NasdaqNM:INCY - news), uses technologies and molecular biology to identify the genes that enable bacteria and fungi to grow. ``Our antimicrobial drugs will be designed to treat common and life-threatening infections and to address the growing problem of drug resistance in the $29 billion antimicrobial market,'' the company said.