Hygenics Pharmaceuticals Plans Stock Sale

Hygenics Pharmaceuticals Inc. said Thursday that it intends to raise $3 million to $7 million in a private stock offering through an undisclosed New York investment bank. The additional funds, according to chief executive John Budd, will be used to bring the 11-year-old company out of the development stage. Hygenics has one product on the market and several others that are awaiting Food and Drug Administration approval, officials said. Hygenics, which became a public company last December, develops and markets disinfectant lotions.