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This article was originally published in The Gray Sheet

Executive Summary

Changing its name to Cellex Biosciences, the company notes in a Feb. 26 filing with the Securities and Exchange Commission; the change is expected to take effect in April. The SEC filing registers a proposed public offering of 1.17 mil. units at $6 per unit. Each unit consists of six shares of common stock and six warrants, which will be redeemable six months from the date of the prospectus for one share of the company's common stock per warrant. Whale Securities is underwriting. The producer of cell- processing products and services will use the estimated net proceeds of $5.7 mil. for retirement and partial repayment of existing obligations, including the repayment of the firm's 1993 bridge financing. Funds also will be used for adaptation of the Oxycell bioreactor for incorporation into the firm's Acusyst-Xcell cell culture system and for working capital and general corporate purposes. In other news at the company, Vice President of Operations and Technology Bernard Horwath has been named vice president and general manager of the firm's new bioprocessing business unit. The unit includes Endotronics' cell culture instrumentation and contract production businesses.

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