Aradigm raises $24.7 mil. in IPO; proceeds to fund pulmonary drug delivery programs.
Executive Summary
ARADIGM NETS $24.7 MIL. IN INITIAL PUBLIC OFFERING of 2.5 mil. shares at $11 per share. The Hayward, Calif.-based company recently completed the offering, with underwriters Cowen & Co. and Invemed Associates fully exercising their options by purchasing an additional 375,000 shares. Aradigm expects that current capital and proceeds from the offering will fund operations through 1997. Cash and cash equivalents of the company were $10.8 mil. as of March 31.