Sirna plans follow-on offering of 8 million shares, another 2 million shares to be sold in secondary

By Ronda Fears

Memphis, May 15 - Sirna Therapeutics, Inc. launched a follow-on of 8 million shares of common stock on Monday and a secondary offering for another 2 million shares to be sold by Oxford Bioscience Partners, The Sprout Group and Venrock Associates.

UBS Investment Bank and J.P. Morgan Securities Inc. are joint bookrunners. CIBC World Markets Corp., Leerink Swann & Co. and Brean Murray, Carret & Co. are co-managers.

There is a greenshoe for another 1.5 million shares from Sirna Therapeutics and the selling stockholders.

Sirna said net proceeds, estimated at $54 million or $60.9 million if the greenshoe is fully exercised based on an offering price of $7.35 per share, would be used for general corporate purposes, including funding research and development, clinical trial expenses and potential in-licensing of intellectual property and technology.

San Francisco-based Sirna develops therapeutics based on the science of RNA interference for the treatment of age-related macular degeneration, chronic hepatitis, asthma, dermatology, Huntington's disease, type 2 diabetes and respiratory syncytial virus infection.

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