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Article: Lexicon Leads Financing Spree With Public Offering Netting $49M.
- 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
Lexicon Genetics Inc. raised net proceeds of about $49 million after pricing a public offering of 10 million common shares at $5.25 apiece.
On Thursday, its stock (NASDAQ:LEXG) lost 37 cents to close at $5.13. The shares have lost 25 percent of their value since last week, when Lexicon first reported its public offering plans. (See BioWorld Today, July 17, 2003.)
Lexicon, which could not comment because of an SEC-imposed quiet period, said in its prospectus that it would use the proceeds for research and development and general corporate purposes, including capital expenditures and working capital needs. The company added that it ...