New York, June 16 - Sangamo BioSciences, Inc. priced a $20.925 million offering of common stock at $6.75 after market hours Thursday, discounted from the closing level of $7.35.
The Richmond, Calif., company sold 3.1 million shares. There is a greenshoe for a further 465,000 shares.
Piper Jaffray & Co. was underwriter for the off-the-shelf sale.
Sangamo, which is focused on the research and development of novel DNA-binding proteins for therapeutic gene regulation and modification, will use net proceeds of $20.15 million to continue the development of its ZFP Therapeutic product candidates and research programs and for other general corporate purposes.
"We believe that the initial results of our clinical and commercial development efforts put us in a position to complete this firmly underwritten offering quickly, without a lengthy marketing effort," commented Edward Lanphier, Sangamo's president and chief executive officer, in a news release.
"As we prepare to enter into our first phase 2 clinical trial, this $20.15 million of additional capital puts us in a stronger position to accelerate this program and to simultaneously bring additional ZFP Therapeutic programs into the clinic."
Sangamo expects to end fiscal 2006 with $50 million in cash and cash equivalents, up from $30 million previously projected.
Issuer: | Sangamo BioSciences, Inc.
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Issue: | Follow-on stock sale
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Amount: | $20.925 million
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Shares: | 3.1 million
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Greenshoe: | 465,000 shares
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Price: | $6.75
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Underwriter: | Piper Jaffray & Co.
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Pricing date: | June 15, after close
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Stock symbol: | Nasdaq: SGMO
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Stock price: | $7.35 at close, June 15
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Distribution: | Off shelf
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