Heavy First-Day Trading in Techniclone Stock
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TUSTIN — Techniclone International Corp. stock generated heavy volume Monday in its first day of trading on the Nasdaq market, while the price rose slightly. A total of 288,100 shares changed hands, compared with an average of about 110,000 shares in over-the-counter trading in the last month.
Stock of the biotech company, which researches and develops cancer treatments, reached a high of $7.375 a share before closing at $6.625, up 18.8 cents for the day.
Lon Stone, Techniclone’s chairman and chief executive, attributed the activity partly to President Clinton’s announcement Friday that federal regulatory approvals for experimental cancer drugs will be speeded up.
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