Nastech plans 1.5 million share follow-on; reports slightly wider second-quarter loss

By Ronda Fears

Nashville, Aug. 1 - Nastech Pharmaceutical Co. Inc. announced plans for a secondary offering of 1.5 million shares after Monday's close.

Needham & Co. is bookrunner for the offering. Co-managers are SunTrust Robinson Humphrey and Delafield Hambrecht Inc.

A greenshoe of 225,000 shares is available.

Bothell, Wash.-based Nastech is involved in the discovery of proprietary molecular biology-based drug delivery technologies for multiple areas, including inflammatory conditions, obesity and osteoporosis. Collaborative partners include Merck & Co. Inc.

Also after Monday's close, the company reported a net loss of $8.3 million, or 47 cents per share, compared with a net loss of $7.5 million, or 62 cents per share, for second-quarter 2004. Revenue climbed to $1.6 million from $45,000 a year previous.

At June 30, the company posted $52.0 million in cash and equivalents, versus $74.5 million at year-end 2004.

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