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Stock Offerings: Two Harbors

(EXCO Resources item corrected to note shares were issued under private placements.)

NEW YORK (TheStreet) -- Two Harbors Investment (TWO) lost ground in early trading Monday after the company resumed a proposed stock offering it had cancelled on Friday.

Two Harbors Investment said it will resume a public offering of common stock, revising the number of shares to be offered to 11 million.

On Friday, Two Harbors cancelled its proposed public offering of 14 million shares of common stock, having determined that the available share price "would result in an unacceptable dilution of book value to existing shareholders."

Shares of Two Harbors were down 2.1% to $9.01, retracing some of Friday's 5% increase.

Several other stocks were dropping on secondary offering announcements. Bovie Medical (BVX) sank nearly 7% to $5.36 after the company will sell 571,429 shares at a price of $5.25 as part of a $3 million private placement with institutional investors. Bovie Medical President Andrew Makrides said the participation of institutional investors "is evidence of the confidence the investment community has placed in our company."

RegeneRx Biopharmaceuticals (RGN) sank by 7.3% to 53 cents after the company said late Friday that it intends to sell units consisting of common stock and warrants to purchase shares. RegeneRx said the size of the offering and the pricing of both the common stock and the exercise price of the warrants will be determined at the pricing of the offering.

On the other hand, American Capital (ACAS) surged 10.1% to $5.87 after the company agreed to sell about 58.3 million common shares, including 43.7 million shares to funds and accounts managed by hedge fund Paulson & Co., as part of a $295 million registered direct offering of common stock priced at $5.06 per share.

Proceeds from the offering for investment and lending activities and to repay debt, American Capital said.

Elsewhere, EXCO Resources (XCO) slipped 0.9% to $19.76 after the company renewed the registration of securities previously issued by EXCO in two separate private placements.

EXCO said it is not offering to sell or otherwise issue any securities and would not receive any proceeds if such shareholders were ever to elect to sell any shares.

Biolase Technology (BLTI) slid by 2% to $1.94 after the company filed late Friday for a $9.5 million mixed shelf offering.

EntreMed (ENMD) dropped 1.7% to 60 cents after the company priced a registered direct offering of roughly 5.79 million shares at 51.8 cents per share for net proceeds of $2.8 million. EntreMed said it will use the net proceeds for further clinical development of its Aurora A/angiogenic kinase inhibitor, ENMD-2076. EntreMed recently announced the initiation of a Phase 2 study in ovarian cancer patients after encouraging Phase 1 results

-- Written by Robert Holmes in Boston.

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