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Article: Avigen Raises $27.6M Publicly To Fund Neurology Programs.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 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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Staff Writer
Avigen Inc. raised about $27.6 million in a public offering to fund development of its programs in neurological disorders, its focus since exiting the gene therapy business a few years ago.
The Alameda, Calif., company sold 3.974 million shares at $6.94 per share. Underwriters Pacific Growth Equities LLC and UBS Investment Bank have an overallotment option to purchase 596,000 additional shares.
Avigen's stock (NASDAQ:AVGN) fell 4 cents Thursday to close at $6.90.
"We were quite well financed already, but there was an interest among investors of taking a position in Avigen," said Michael Coffee, chief business officer at ...