By Ronda Fears
Nashville, Aug. 25 - Nastech Pharmaceutical Co. Inc. revived its follow-on offering, selling 1.725 million shares of common stock off the shelf at $13.50 per share, discounted from Wednesday's closing level of $13.61, via sole bookrunner Needham & Co.
The sale raised gross proceeds of $23.3 million.
On Aug. 5, the company had withdrawn the offering, citing unfavorable market conditions. Nastech shares had fallen to $12.76 on Aug. 5 from $14.38 on Aug. 1, the day before announcing the deal.
Proceeds are for general corporate purposes, including, among other things, funding of its intranasal parathyroid hormone and RNAi clinical research and development programs, the clinical development of other product candidates, capital expenditures and working capital needs.
Bothell, Wash.-based Nastech is involved in the discovery of proprietary molecular biology-based drug delivery technologies for multiple areas, including inflammatory conditions, obesity and osteoporosis. Collaborative partners include Merck & Co. Inc.
| Issuer: | Nastech Pharmaceutical Co. Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $23.3 million
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| Shares: | 1.725 million shares
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| Price: | $13.50 per share
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| Bookrunner: | Needham & Co.
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| Co-managers: | SunTrust Robinson Humphrey and Delafield Hambrecht Inc.
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| Pricing date: | Aug. 24
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| Settlement date: | Aug. 30
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| Ticker: | NSTK
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| Stock price: | $13.61 at close Aug. 24
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