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SGX Pharmaceuticals greenshoe partly exercised, upping IPO to nearly $25 million
By Angela McDaniels
Seattle, March 6 - SGX Pharmaceuticals Inc. said the underwriters of its initial public offering partially exercised their over-allotment option for 152,904 additional shares of common stock, upping the offering to 4,152,904 shares, or $24,917,424.
The greenshoe was for 600,000 shares.
The company priced 4 million shares on Jan. 31 at $6.00 - at the low end of a reduced price range of $6 to $7, which had been lowered from $7 to $8 a share on the pricing date. The price range originally was set at $11 to $13.
CIBC World Markets and Piper Jaffray were joint bookrunners, and JMP Securities was co-manager.
San Diego-based SGX said that most of the proceeds will be used for research and development. Its primary drug candidate, Troxatyl, is in phase 2 and 3 clinical trials for the third-line treatment of acute myelogenous leukemia, a blood cancer.
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