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Article: Kosan's Offering Brings In $39.4M For R&D Work.
- 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
As it continues to develop polyketide products for cancer, Kosan Biosciences Inc. completed a public offering of 4.5 million shares to raise $39.4 million.
The price of $8.75 per share represents a discount to the company's closing stock price of $9 Wednesday. The shares (NASDAQ:KOSN) dropped 35 cents Thursday to close at $8.95. Following the offering, Hayward, Calif.-based Kosan has about 33.7 million shares outstanding.
Kosan's management declined comment Thursday due to quiet-period rules, but the company's prospectus said net proceeds of $36.5 million will go toward research and development, and general corporate purposes. The ...