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Biocircuits Corp.

This article was originally published in The Gray Sheet

Executive Summary

Burlingame, California-based developer of immunoassay diagnostic products files registration statement with the Securities and Exchange Commission for an offering of 2.5 mil. shares of common stock. The company expects to use net proceeds from the offering for R&D, adding technical personnel and capital equipment, relocating and expanding facilities, and establishing manufacturing and sales and marketing capabilities. The firm's initial development work is focusing on the Biocircuits I point-of-care system ("The Gray Sheet" April 13, 1992, p. 12). The company projects filing a 510(k) for use of the Biocircuits I with T4 and T Uptake cartridges in mid-1993. Biocircuits went public in May/June and netted approximately $9.3 mil. from an offering of 2.1 mil. shares. The firm raised an additional $3.6 mil. from an offering of 700,000 shares in December. The company estimates that proceeds from the current offering will be $16.7 mil., assuming a selling price of $7.25 per share; the stock recently has been trading in the $6 to $7 range. Existing capital together with proceeds from this offering "will be adequate to satisfy [Biocircuits'] requirements at least through the end of 1994," the filing states. The offering is being underwritten by Hambrecht & Quist and Oppenheimer & Co....
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