Genetic Therapy Inc. said yesterday that hopes to raise as much as $22 million in a public offering of 2 million common shares to the public.
The Gaithersburg biotechnology company, which plans to use the money for research and development, filed with the Securities and Exchange Commission Wednesday to sell the shares. The stock which is traded on NASDAQ closed yesterday at $10.50, unchanged.
Its most recent public offering, in January 1992, was priced at $15 a share and raised $21 million. The company has no products on the market but is considered a leader in developing the system for transmitting genes into human cells to treat disease.