Genetic Therapy Inc., a biotechnology research company in Gaithersburg, is ready to sell 1.5 million shares of common stock at $15 a share, the company said yesterday.
The proceeds from selling the stock, which was priced yesterday, will be used to finance research and development of systems to deliver treatments for cancer, cystic fibrosis and pulmonary diseases. The company, working closely with the National Institutes of Health, has developed a delivery system for inserting genes into cells as a means of treating illnesses.
Genetic Therapy, founded in 1986, went public in July, when it sold 1.55 million shares for $9 a share. The company will have nearly 9.2 million shares outstanding after the current offering, which is expected to be completed today.
Genetic Therapy lost $3.5 million, or 57 cents a share, during the first nine months of last year on revenue of $256,352. The company's stock, traded on the over-the-counter market, closed yesterday at $16.75 a share, up 25 cents.