CoCensys to Offer 2 Million New Shares

Biopharmaceutical company CoCensys Inc. said Tuesday it plans to sell 2 million new shares of common stock to investors.

The Irvine company, which develops and markets drugs to treat neurological and psychiatric disorders, will use the proceeds for general corporate and research purposes, officials said. The pharmaceutical company has 19.4 million shares outstanding.

CoCensys’ stock closed Tuesday at $8.75, up 25 cents in Nasdaq trading. The stock offering will be underwritten by Hambrecht & Quist in San Francisco.