INITIAL PUBLIC OFFERING OF 3 MILLION SHARES OF ALTEON COMMON STOCK AT $15 PER SHARE
INITIAL PUBLIC OFFERING OF 3 MILLION SHARES
OF ALTEON COMMON STOCK AT $15 PER SHARE
NORTHVALE, N.J., Nov. 1 /PRNewswire/ -- Alteon Inc. announced today the initial public offering of 3 million shares of its common stock at a price of $15 per share. Alteon is listed on NASDAQ National Market System under the symbol ALTN. Alex. Brown & Sons Inc. and Lehman Brothers are co-managing the offering.
Net proceeds from the sale of common stock will be used for research and development purposes, establishment of a sales and marketing organization, facilities expansion and other general corporate purposes.
Alteon is developing products for the treatment of the complications of diabetes and aging. These products are designed to inhibit, reverse and measure damage to cells, tissues and organs caused by advanced glycosylation end-products (AGEs) which are formed as a result of glucose in the body's circulatory system.
A copy of the prospectus relating to this offering may be obtained from Alex. Brown & Sons, Inc., 135 E. Baltimore St., Baltimore, Md., 21202, and from Lehman Brothers, American Express Tower, World Financial Center, New York, N.Y., 10285.
/CONTACT: Charles A. Faden, chairman, president & CEO of Alteon, 201-784-1010, or Susan Noonan or Karin Eskenazi of Noonan/Russo Communications, 212-979-9180, for Alteon/
(ALTN) CO: Alteon Inc. ST: New Jersey IN: MTC SU: OFR CK-JT -- NY054 -- 0282 11/01/91 14:06 EST