Point underwriters exercise greenshoe for 1,207,500 shares, raising follow-on sale to $27.8 million

By Angela McDaniels

Seattle, Dec. 2 - Point Therapeutics Inc. said the underwriters of its follow-on offering have exercised in full their over-allotment option to purchase an additional 1,207,500 shares of common stock, raising the deal to $27.8 million.

The total size of the deal is now 9,257,500 shares, priced at $3.00 each.

Pacific Growth Equities LLC was the bookrunner with CIBC World Markets Corp. acting as a co-lead manager in the off-the-shelf offering.

Proceeds will fund further clinical development of Point's lead drug candidate, talabostat, and general corporate purposes.

The company originally priced a revived and upsized $24.15 million follow-on offering of 8 million shares at $3.00 each on Nov. 21.

The deal was announced on Oct. 21 for 6 million shares at $4.30 each, but the company put it on hold due to difficult market conditions.

Point also raised $16.4 million in a direct placement of 3.65 million shares at $4.50 each in March.

The company is based in Boston and develops dipeptidyl peptidase inhibitors for use in cancer, Type 2 diabetes and as vaccine adjuvants.

© 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.