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Hythiam plans follow-on sale of 7.5 million shares via UBS, timing to be determined
By Ronda Fears
Nashville, Oct. 11 - Hythiam Inc. on Tuesday said it plans to sell 7.5 million shares in a follow-on offering via bookrunner UBS Investment bank.
First Albany Capital is co-manager of the deal.
A syndicate source said timing has yet to be determined for the transaction, which includes a greenshoe for 1,125,000 shares.
Hythiam shares closed Tuesday off 7 cents, or 1.02%, at $6.78.
The Los Angeles-based company, which focuses on physiological treatments for alcoholism and other substance dependency, said it plans to use proceeds to fund clinical research studies and pursue clinical data, to implement direct marketing initiatives and local advertising to expand awareness about its products and for other general corporate purposes.
In a Securities and Exchange Commission filing, the company estimated net proceeds at $46.6 million, assuming an offering price of $6.72 a share. If the greenshoe is exercised, net proceeds re estimated at $53.6 million.
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