By Ronda Fears
Nashville, Jan. 31 - Nuvelo, Inc. sold 6.5 million shares of common stock in a follow-on offering priced at $16.00 each versus Monday's close of $16.03 via joint bookrunners J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc.
Lehman Brothers Inc. was co-manager.
San Carlos, Calif.-based Nuvelo said net proceeds, estimated at $97.3 million, will be used for general corporate purposes, including the advancement of drug candidates in clinical trials, the development of a commercialization infrastructure, capital expenditures and to meet working capital needs.
Issuer: | Nuvelo, Inc.
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Issue: | Follow-on stock offering
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Gross proceeds: | $104 million
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Net proceeds: | $97.3 million
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Shares: | 6.5 million shares
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Greenshoe: | 975,000 shares
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Price: | $16.00 per share
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Bookrunners: | J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc.
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Co-manager: | Lehman Brothers Inc.
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Pricing date: | Jan. 30
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Settlement date: | Feb. 3
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Stock symbol: | Nasdaq: NUVO
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Stock price: | $16.03 at close Jan. 30
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