ICOS to offer public stock

  • Thursday, November 1, 2001 9:00pm
  • Business

Bothell’s ICOS Corp. announced Thursday that it will raise funds through a public offering of 4.5 million shares of common stock. ICOS is a biotechnology company awaiting federal approval to market its first product, Cialis, an impotency drug. The company has granted the underwriters an option to purchase 675,000 shares of stock to cover overallotments. Credit Suisse First Boston and Merrill Lynch, Pierce, Fenner &Smith will act as joint lead managers for the offering. SG Cowen Securities, Banc of America Securities and Robertson Stephens will act as co-managers.

One of the planners working on the proposed Lynnwood City Center will discuss the rebirth of downtown retail when the South Snohomish County Chamber of Commerce meets Nov. 14. The meeting will be from noon to 1:30 p.m. at the Holiday Inn Hotel and Conference Center, 101 128th St., Everett. The speaker is Robert Gibbs of Gibbs Planning Group in Birmingham, Mich. His group looks at reviving downtowns as an alternative to suburban sprawl. He will discuss issues of city center planning with an emphasis on retail business and the “psychology of commerce.” The cost is $20, which covers lunch. For reservations, call 425-774-0507 or e-mail rise@sscchamber.org.

United Airlines and Delta Air Lines, the nation’s second- and third-largest carriers, reported massive third-quarter losses on Thursday and said eroding revenues won’t improve anytime soon. United’s parent, UAL Corp. of Elk Grove Village, Ill., said it lost $1.16 billion for the three months ended Sept. 30. That was better than most analysts expected. Delta’s quarterly loss, equal to $2.13 a share, included a $104 million after-tax infusion from the government.

The Boeing plant might close. The Goodrich factory faces layoffs. The high-tech sector is in shambles. Stock in the local utility is at its lowest price since the Reagan administration. The biggest local manufacturer, Kaiser Aluminum, won’t reopen its plants for at least another year. A landmark local men’s clothier is closing all its stores. All at once the Spokane economy is a mess. It’s an offshoot of the slumping world financial picture and the struggling national economy, which was further undercut by the Sept. 11 terrorist attacks. “It’s all international,” said Fred Walsh, who analyzes the Spokane economy for the state Employment Security department. Companies such as Boeing, Goodrich, Agilent, Kaiser Aluminum and Key Tronic are vulnerable to shifts in the world economy, he said.

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