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Financings in Brief: SangStat Medical

This article was originally published in The Gray Sheet

Executive Summary

SangStat Medical: Organ transplantation firm plans public offering of 2 mil. shares of common stock. Net proceeds from the offering will be used "primarily for continued research and development, working capital and other general corporate purposes," the company says. SangStat, which filed a registration statement for the offering with SEC Feb. 9, announced Feb. 11 that its research, development and regulatory affairs spending increased 37% to $6.6 mil. in 1995. The company reported a net loss for the year of $8.7 mil. on total revenues of $3.8 mil., comparing to a $5.5 mil. loss on $3.7 mil. in revenues during 1994. Underwriters for the offering -- Hambrecht & Quist, Montgomery Securities, and Jeffries & Company -- have an option to purchase up to 300,000 additional shares to cover over-allotments...
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