By Ronda Fears
Memphis, March 7 - Advanced Magnetics, Inc. priced a follow-on offering of 1.23 million shares of stock off the shelf at $27.46 per share, pat with Monday's closing level, via bookrunner ThinkEquity Partners LLC.
Cambridge, Mass.-based Advanced Magnetics said proceeds will be used to fund clinical development programs, including continued development of ferumoxytol as an iron replacement therapy, and for general working capital purposes.
Ferumoxytol, the key product in Advanced Magnetics' pipeline, is in phase 3 trials as an iron replacement therapy in chronic kidney disease patients, whether or not on dialysis. The company expects to submit a New Drug Application for ferumoxytol in intravenous iron replacement therapy to the Food and Drug Administration in mid-2007.
| Issuer: | Advanced Magnetics, Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $33.86 million
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| Net proceeds: | $31.7 million
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| Shares: | 1,233,214 shares
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| Price: | $27.46 per share
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| Bookrunner: | ThinkEquity Partners LLC
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| Co-manager: | Jefferies & Co., Inc.
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| Pricing date: | March 6
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| Settlement date: | March 13
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| Stock symbol: | Nasdaq: AVM
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| Stock price: | $27.46 at close March 6
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