Myogen plans follow-on sale of 4 million shares Sept. 15 via Goldman

By Ronda Fears

Nashville, Sept. 8 - Myogen Inc. announced a follow-on offering of 4 million shares of common stock off the shelf that market sources said was scheduled to price Sept. 15.

Goldman Sachs & Co. is the bookrunner of the deal. Co-managers are CIBC World Markets, First Albany Capital and Lazard Capital Markets.

Proceeds are earmarked to continue the development of product candidates and the company's research program, including the acceleration and expansion of the Darusentan clinical development program and to prepare for the potential commercial launch of Ambrisentan and Darusentan. The funds could also be used for working capital and general corporate purposes.

Denver-based Myogen is focused on treatments for cardiovascular disorders. Ambrisentan is in phase 3 clinical development for the treatment of pulmonary arterial hypertension. Darusentan recently completed a phase 2b clinical trial for the treatment of patients with resistant hypertension.

Myogen also has a drug discovery research program in collaboration with a Novartis AG unit focused on drugs for chronic heart failure and related disorders.

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