RBC, Leerink Swann assist; proceeds fund pre-commercial activities
By Devika Patel
Knoxville, Tenn., July 28 - Endocyte, Inc. priced a $60.91 million public sale of stock with a $10.68 million greenshoe, according to a prospectus supplement filed Thursday with the Securities and Exchange Commission. Plans for the deal were announced July 14.
The company will sell 4,968,321 common shares at $12.26 apiece. The price per share is identical to the company's July 27 closing share price.
RBC Capital Markets, LLC and Leerink Swann LLC are the joint book-running managers, with Cowen and Co., LLC and Wedbush PacGrow Life Sciences as co-managers.
The company expects to use about $15 million of the proceeds to prepare the filings for conditional marketing authorization for EC145 and EC20 and for pre-commercial activities in Europe; it will use about $15 million for a phase 2 trial of EC145 and EC20 and about $10 million to advance its earlier stage phase 1 and preclinical pipeline. The remaining proceeds will be used for working capital and other general corporate purposes.
Based in West Lafayette, Ind., Endocyte is a biopharmaceutical company developing targeted small molecule drug conjugates and companion imaging diagnostics for personalized therapy.
| Issuer: | Endocyte, Inc.
|
| Issue: | Common shares
|
| Amount: | $60,911,616
|
| Greenshoe: | $10,684,455
|
| Shares: | 4,968,321
|
| Price: | $12.26
|
| Warrants: | No
|
| Bookrunners: | RBC Capital Markets, LLC and Leerink Swann LLC
|
| Announcement date: | July 14
|
| Pricing date: | July 28
|
| Stock symbol: | Nasdaq: ECYT
|
| Stock price: | $12.26 at close July 27
|
| Market capitalization: | $392.11 million
|
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