On Assignment Completes Initial Public Offering

On Assignment Inc., a Canoga Park provider of temporary workers for laboratories, has completed its initial public offering with the sale of 1.7 million shares at $7 each.

The company itself sold 300,000 in last week’s offering, receiving $2.1 million in gross proceeds before underwriting costs. The remaining 1.4 million shares were offered by an existing stockholder, Wood River Capital Corp., a small-business investment firm in New York. The stock closed Monday at $7.75 a share on the NASDAQ market.

On Assignment services more than 400 customers through 26 branch offices. It has about 1,000 scientific temporary workers on assignment, and the company’s profit in the six months ended June 30 was $632,000 on revenue of $15 million.