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Incyte Issues New Stock To Fund Expansion, Hardware Purchases

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PALO ALTO, Calif.--Incyte Pharmaceuticals here, a leading genomic database company, has issued 1.2 million new shares of stock to finance the purchase of additional computer hardware, expansion of the company's facilities, and other capital requirements, as well as to pursue strategic investments. The stock sold for $67 per share.

Incyte offers products including the LifeSeq and PathSeq database families that integrate bioinformatics software with both proprietary and public genetic data to create tools for drug discovery and development. It also sells the LifeTools line of bioinformatics software.

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