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Article: Myogen Stock Sale: $101M To Advance Heart Products.
- 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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West Coast Editor
Fresh from strong Phase IIb data with its hypertension drug, Myogen Inc. priced a public offering of about 4.7 million shares at $23.25 per share to raise net proceeds of about $101 million to push darusentan and the rest of the company's pipeline.
"It's going into our general working capital funds, but the primary purpose was extending the cash runway for the company, but also to accelerate and expand the darusentan clinical program," said Derek Cole, director of investor relations for Denver-based Myogen, which had about $88.4 million in cash at the end of the second quarter.
The company's stock (NASDAQ:MYOG) closed Friday at ...