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OGS To Launch $215 Million US Equity Offering

NEW YORK, Nov 13 – Oxford Glycosciences has registered a proposed US equity offering of 150 million pounds sterling - or $215 million - with the Securities and Exchange Commission, the company announced Monday.

OGS, which is traded on the London Stock Exchange, is making the US offering in an effort to be more closely allied with its American proteomics peers and to better serve its US investor base, a company spokeswoman told GenomeWeb . Thirty-six percent of OGS stockholders are based in the US, the spokeswoman said.   

The company plans to use the proceeds from the offering to ramp up its proteomics-based small molecule drug discovery programs, including clinical trials of its Gaucher’s drug Vevesca; to further develop its technologies; and to use toward future acquisitions, according to the company spokeswoman.   

If previous proteomics IPO performance is any guide, this new equity offering could fill OGS’s coffers quite a bit. Protein chip maker Ciphergen's stock shot up 100 percent in its first day of trading on the Nasdaq, a jump analysts attributed to the dearth of proteomics stocks amid growing investor interest in the area.

OGS also hopes it can use the US stock to sweeten employment offers as it tries to lure new staff for its expanded operations, the spokeswoman indicated.

In October, OGS opened its new proteomics innovation center in Oxfordshire, which includes a bioinformatics computer center. The company has ongoing proteomics collaborations with Pfizer, Merck, Bayer, Pioneer Hi-Bred/Dupont, Medarex and Incyte.

Additionally, OGS signed an early access deal with Applied Biosystems to buy its new MALDI TOF/TOF mass spectrometers in September, and is collaborating with Packard Bioscience to develop protein biochips.

The company will offer the new equity in the form of American Depositary Shares. OGS says it expects the shares to be quoted on the Nasdaq under the symbol OGSI.
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