By Ronda Fears
Nashville, Sept. 14 - Progenics Pharmaceuticals Inc. priced a follow-on offering of 2.5 million shares of common stock off the shelf at $23.90 per share, discounted from Tuesday's closing level of $25.02.
UBS Investment Bank and CIBC World Markets were joint bookrunners of the spot sale.
Net proceeds, estimated by the company at $57.4 million, are earmarked to fund clinical trials of its investigational drugs methylnaltrexone and PRO 140 for HIV infections, to fund clinical trials of other product candidates and for other research and development programs.
Tarrytown, N.J.-based Progenics also is developing immunotherapies for prostate cancer in collaboration with Cytogen Corp. In addition, the company also has a cancer vaccine, GMK, in phase III clinical trials for the treatment of melanoma.
| Issuer: | Progenics Pharmaceuticals Inc.
|
| Issue: | Follow-on stock offering
|
| Gross proceeds: | $59.75 million
|
| Net proceeds: | $57.4 million
|
| Shares: | 2.5 million shares
|
| Greenshoe: | 375,000 shares
|
| Price: | $23.90 per share
|
| Bookrunners: | UBS Investment Bank and CIBC World Markets
|
| Pricing date: | Sept. 13
|
| Settlement date: | Sept. 19
|
| Ticker: | PGNX
|
| Stock price: | $25.02 at close Sept. 13
|
|
|
© 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.
