Baltimore-based Guilford Pharmaceuticals Inc. said it raised more than $60 million yesterday through a public offering of 3.25 million shares of common stock. Shares were priced at $20.
Guilford said it intends to use the money chiefly to fund late-stage human clinical trials of Dopascan, a diagnostic technology for detecting Parkinson's disease and measuring its progression.
Guilford licensed the technology from Daiichi Radioisotope Laboratories of Japan.
Guilford said the proceeds would also be used to fund development of drugs and diagnostic products for neurological diseases and conditions.
The company also plans to expand its portfolio of cancer treatments using a polymer wafer technology it developed.
Guilford has conducted three prior public offerings: in March 1996 when it sold 2 million shares at $20 a share, in August 1995 when it sold 3 million shares at $6.50 a share and in June 1994 when it went public, selling 1.88 million shares at $8 a share.
Yesterday's sale brings the number of shares outstanding to more than 17 million. Guilford shares closed yesterday at $20.25
Pub Date: 4/10/97