Allos Therapeutics closes $93 million offering
Allos Therapeutics closes offering for 14 million shares, sees about $93 million in proceeds
On 4:33 pm EDT, Tuesday October 13, 2009
Companies:Allos Therapeutics, Inc.
WESTMINSTER, Colo. (AP) -- Biopharmaceutical company Allos Therapeutics Inc. said Tuesday it completed a public offering of 14 million shares of common stock, generating net proceeds of about $93 million.
The company had originally offered 11 million shares, but then expanded the offering to 14 million. It priced the offering at $7.10 apiece after the market closed Oct. 5.
The proceeds will be used to fund marketing, research and development of Allos' cancer treatment Folotyn. The Food and Drug Administration approved Folotyn on Sept. 25 as a treatment for peripheral T-cell lymphoma, and Allos expects to start selling Folotyn later this month.
Allos also said the underwriters of the offering will have the option to buy as many as 2.1 million additional shares to cover over-allotments. J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. acted as joint book-running managers of the offering.
Allos shares fell 17 cents, or 2.5 percent, to close at $6.58 Tuesday.
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