New Issue: Panacos raises $86.6 million in follow-on of 8.25 million shares at $10.50

By Ronda Fears

Nashville, Oct. 6 - Panacos Pharmaceuticals Inc. sold an upsized follow-on offering of 8.25 million shares, boosted from 8 million, at $10.50 each to raise $86.625 million via joint bookrunners SG Cowen & Co. and Bear Stearns & Co. Inc.

The issue was discounted from Wednesday's close of $10.62.

Watertown, Mass.-based Panacos plans to use proceeds to fund clinical trials, research and development, for general corporate purposes, for capital expenditures, for acquisitions and for working capital. Its lead drug candidate, HIV treatment PA-457, has passed a phase IIa study.

Issuer:	Panacos Pharmaceuticals Inc.
Issue:	Follow-on stock offering
Gross proceeds:	$86.625 million
Shares:	8.25 million shares, upped from 8 million
Greenshoe:	1,237,500 shares, up from 1.2 million
Price:	$10.50 per share
Bookrunners:	SG Cowen & Co. and Bear Stearns & Co. Inc.
Co-managers:	Needham & Co. and Leerink Swann & Co.
Pricing date:	Oct. 5
Settlement date:	Oct. 12
Ticker:	PANC
Stock price:	$10.62 at close Oct. 5

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.