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American Cytogenetics Seeks OK to Offer Shares

American Cytogenetics Inc., a North Hollywood-based operator of cancer screening services, has filed an application with the Securities and Exchange Commission to offer 4.98 million shares of common stock at about 37 cents a share.

The funds from the sale will be used to finance acquisitions or pay for upgrading equipment, said Edward Young, president of American Cytogenetics.

About 2 million of the shares listed in the application have already been sold in private placement, Young said.

American Cytogenetics reported net income of $16,000 on revenue of $5.28 million for the year that ended Jan. 31, compared with a net loss of $909,000 on revenue of $5.7 million the previous year.

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