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Article: ILEX Proposes Public Offering That Could Gross $115.9 Million.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 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
ILEX Oncology Inc. reported plans to raise about $115.9 million through a public offering of 6 million common shares.
The San Antonio-based company plans to sell 5.5 million shares on its own, which would raise gross proceeds of $109.3 million based on Friday's $19.27 closing bid price of the stock. At the same time, the Cancer Therapy and Research Center Endowment, a current shareholder, plans to offer 500,000 shares to garner an additional $9.6 million. On Monday, ILEX's shares (NASDAQ:ILXO) dropped $1.06 to close at $18.36.
Both parties plan to grant a 30-day, 900,000-share overallotment option to the underwriters, a group that ...