Disease Detection Gets $5.1 Million for Offering

Irvine-based Disease Detection International said it raised $5.1 million in its recently completed initial public offering of 750,000 units at $6 a unit.

A subsidiary of Environmental Diagnostics, DDI manufactures detection kits for parasitic diseases in animals. The company said each unit in the offering consisted of 100 shares of common stock and 25 common stock purchase warrants. The underwriting company, Stuart-James Co. Inc., also exercised its option for an additional 112,500 units.

Charles E. Peach, the firm’s secretary-treasurer, said the money from the offering will be used for the company’s research and development facilities.

Disease Detection International now has about 144 million shares outstanding, Peach said.

Environmental Diagnostics, formerly located in Irvine and now headquartered in Burlington, N.C., owns 38.6 million shares, or about 26.8% of DDI’s outstanding common stock after the offering, the company said.