Techniclone Signs Letter for Public Stock Offering

Techniclone International Corp., a Santa Ana bio-engineering company, said it has signed a letter of intent for a public offering of stock and warrants to raise $3 million.

The company plans to sell units consisting of one share of common stock and one warrant that can be exercised within two years at 120% of the offering price of the stock, said Bix Moding, chief financial officer of Techniclone.

Techniclone, which trades over the counter, last traded on Monday at $3.50 per share.