Crop Genetics International Corp. felt the biotechnology industry's doldrums yesterday, as the Hanover company's offering of 2.5 million shares was priced at $4 a share, well below the price the company had originally expected.
"The market conditions were such that this is the best we could do," said Joseph W. Kelly, the company's chief executive.
The company also sold 1 million fewer shares than it had planned when it announced the offering in April. Alex. Brown & Sons Inc., which acted as underwriter in the offering, has an option to sell an additional 375,000 shares that would provide $1.5 million more.