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Article: Alexion Raises $77.5M To Fund Phase III Product Development.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
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Staff Writer
Just one day after announcing the protocol for a Phase III trial of eculizumab, Alexion Pharmaceuticals Inc. raised $77.5 million in gross proceeds through the sale of 5 million shares of common stock.
The shares were priced at $15.50 each, which was based on a five-day average of Alexion's closing stock price, said Leonard Bell, the company's CEO.
"These proceeds we expect to use for general corporate purposes, largely focused on clinical development," Bell told BioWorld Today.
The main reason the company conducted the financing was to support manufacturing, regulatory work and Phase III development of eculizumab in ...