Point Therapeutics plans follow-on sale of 6 million shares via Pacific Growth

By Ronda Fears

Nashville, Oct. 21 - Point Therapeutics, Inc. announced Friday that it plans a follow-on offering of 6 million shares via bookrunner Pacific Growth Equities, LLC.

Co-lead manager is CIBC World Markets Corp.

There is a greenshoe of 900,000 shares available.

Proceeds were estimated at $23.7 million, or $27.3 million with the greenshoe, based on an offering price of $4.30 per share. The company said it plans to use the funds for further clinical development of its lead drug candidate, talabostat, and for general corporate purposes, including research and development and general and administrative expenses.

Boston-based Point Therapeutics develops a family of dipeptidyl peptidase inhibitors for use in cancer, type 2 diabetes and as vaccine adjuvants. The company announced Oct. 13 that it initiated a phase III program in metastatic non-small cell lung cancer for talabostat.

"Initiating our phase III registration program in non-small cell lung cancer is an important milestone for the company. This program, if successfully completed, is expected to be the basis of our first registration package with the regulatory authorities," said Don Kiepert, chief executive of Point Therapeutics, in announcing the phase III trial startup.

Point Therapeutics shares Friday closed off 5 cents, or 1.16%, at $4.25.

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