Initial public offering of 5 mil. shares at $6 each June 21 represents a reduction in the originally proposed price range of $10-12 per share (1"The Gray Sheet" May 1, p. 19). The Sunnyvale, California maker of microfluidic systems for detection and analysis of nucleic acids plans to use the proceeds from the $30 mil. offering for R&D, expansion of manufacturing and other general corporate purposes. Cepheid shares trade on the Nasdaq market under the symbol "CPHD." Underwriters UBS Warburg, Prudential Vector Healthcare and Invemed Associates hold an overallotment option for 750,000 additional shares
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