Martek Raises $85 Million From Stock Offering

Martek Raises $85 Million From Stock Offering

COLUMBIA, Md.--Martek Biosciences Corp. (NASDAQ:MATK)closed on its sale of 2.9 million shares of common stock at a public offeringprice of $30.25 per share. Martek's recently retired president, Richard J.Radmer, also sold 315,000 shares of common stock under the offering. The companyreceived approximately $83 million from the entire sale, and an additional $2million in net proceeds from the exercise of stock options by Radmer.

The company plans to use the proceeds to fund general companycosts and expansion.