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Article: Financings Roundup Progenics Raises $57M Publicly; Cellerix Gets $40M In Series B.
- Article from:
- BIOWORLD Today
- Article date:
- September 21, 2007
- Author:
CopyrightCOPYRIGHT 2007 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Trista Morrison, Staff Writer
A week after starting three new clinical trials with the constipation drug methylnaltrexone, Progenics Pharmaceuticals Inc. priced a public offering of 2.6 million shares at $23.15 per share.
Shares of Tarrytown, N.Y.-based Progenics (NASDAQ:PGNX) fell $1.38 Thursday to close at $22.97.
After fees and expenses, Progenics expects to net about $57.1 million from the offering, which will supplement the $139.1 million in cash and equivalents the company reported at the end of the second quarter. Proceeds will be used to fund clinical trials and research programs, as well as for other corporate purposes.
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