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Article: CV Therapeutics Brings In $85.5M Via Public Offering.
- 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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Senior Staff Writer
Two days after reporting plans for a public offering, CV Therapeutics Inc. raised $85.5 million, selling more shares than originally intended but at a lower price.
The Palo Alto, Calif.-based company said Monday it would offer 7.5 million shares, noting that its stock closed at $10.85 Friday. Instead, CV Therapeutics agreed to sell 9 million shares at $9.50, a discount to Tuesday's closing price of $9.75.
Shares (NASDAQ:CVTX) rose 14 cents Wednesday to close at $9.89.
A 30-day overallotment option involving about 1.4 million additional shares granted to underwriters could result in $12.8 million more in gross ...