Md. Enterprise Fund sells its Guilford shares

Maryland Watch

September 15, 1998

The Maryland Enterprise Investment Fund, which invests in promising Maryland-based technology companies, said yesterday that it cashed out of its stock position in Guilford Pharmaceuticals Inc.

Andy Spitzler, a spokesman for the Department of Business and Economic Development, said the fund sold all of its 32,000 shares in publicly held Guilford back to the company for $16.45 a share, or $536,418.

The Baltimore-based biopharmaceutical company bought the shares as part of stock-repurchase program launched two weeks ago.

The Enterprise Investment Fund purchased a stake in Guilford in 1994 at a split adjusted price of $7.67 per share. Yesterday's sale generated a $286,000 profit, said Spitzler.

The money will be returned to the fund for new investment opportunities in young Maryland companies, said Spitzler.

He said the fund's directors have been reviewing mature investments for possible sale as a way to make the fund financially self-sufficient.

This year the General Assembly approved $2 million for the fund to invest.

Pub Date: 9/15/98

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