Baraban Securities is underwriting a proposed initial public offering of 1.5 mil. U.S. Drug Testing shares at an expected price of $5 per share, according to a preliminary prospectus filed with the Securities and Exchange Commission Aug. 10. Founded in 1992, U.S. Drug Testing has received FDA 510(k) clearance to sell its flow immunoassay system model 9000 drug detection system along with assays for cocaine and opiates. The Rancho Cucamonga, California firm currently is pursuing 510(k)s for three additional assays: PCP, amphetamines and marijuana. "The company's initial product line will screen for the presence of drugs of abuse in urine samples," the prospectus says. "The company expects to initiate development of an additional product line that will utilize saliva as the medium for drug detection." U.S. Drug's flow immunosensor technology is licensed from the U.S. Navy. Once the whole line of assays has been cleared by FDA, the company plans to seek distributors. U.S. Drug Testing President Douglas Allan is a former vice president of Alcon Surgical Systems....
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