By Mary Welch

SangStat Medical Corp. raised $15 million by selling 450,000 shares to an institutional investor at $33.25 each, which was the stock's closing price on Monday.

The Fremont, Calif., company will use the proceeds for research and development purposes as well as for working capital.

"We weren't looking to raise this money specifically but an opportunity presented itself," said Steve Dance, the company's senior vice president of finance. "It was a good opportunity to raise some cash, which never hurts."

Dance declined to name the investor other than to say it is "an investor who knows us pretty well." The investor's equity in the company is less than 5 percent, he said.

Prior to the offering, SangStat had 17.35 million shares outstanding.

The company also reported its fourth-quarter 1999 and year-end numbers. For the year, SangStat had net revenues of $58.1 million, and $18.4 million for the quarter. It had a net loss of $33 million for the year, or $1.95 per share, and $6.9 million for the fourth quarter, which ended Dec. 31. The company had $24.1 million in cash.

The company said its products Thymoglobulin and SangCya are gaining market share and increasing sales. Thymoglobulin captured the top sales position in the U.S. immunosuppressive antibody market for December, the company said. Thymoglobulin, a drug for the prevention of organ loss for kidney transplant recipients experiencing acute rejection, is the market leader in Europe, it said.

SangCya (cyclosporine oral solution) now controls about 18 percent of the U.S. cyclosporine modified oral solution market, the company said. Cyclosporine is the leading immunosuppressive drug used to prevent graft rejection in solid organ transplant recipients. SangCya is co-promoted and distributed with Abbott Laboratories, of Abbott Park, Ill. SangCya was launched in November 1998, and Thymoglobulin in February 1999.

SangStat's stock (NASDAQ:SANG) closed Wednesday at $38.75, up $2.625.