SGX Pharmaceuticals greenshoe partly exercised, upping IPO to nearly $25 million

By Angela McDaniels

Seattle, March 6 - SGX Pharmaceuticals Inc. said the underwriters of its initial public offering partially exercised their over-allotment option for 152,904 additional shares of common stock, upping the offering to 4,152,904 shares, or $24,917,424.

The greenshoe was for 600,000 shares.

The company priced 4 million shares on Jan. 31 at $6.00 - at the low end of a reduced price range of $6 to $7, which had been lowered from $7 to $8 a share on the pricing date. The price range originally was set at $11 to $13.

CIBC World Markets and Piper Jaffray were joint bookrunners, and JMP Securities was co-manager.

San Diego-based SGX said that most of the proceeds will be used for research and development. Its primary drug candidate, Troxatyl, is in phase 2 and 3 clinical trials for the third-line treatment of acute myelogenous leukemia, a blood cancer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.