Sirna follow-on offering remains at 8 million shares, secondary for 2 million shares withdrawn

By Ronda Fears

Memphis, May 23 - Sirna Therapeutics, Inc. said Tuesday that its follow-on offering for 8 million shares of common stock would remain as is but a secondary offering for another 2 million shares to be sold by Oxford Bioscience Partners, The Sprout Group and Venrock Associates had been withdrawn.

A greenshoe for 1.2 million shares will still be available as well, the company said in the Securities and Exchange Commission filing. Previously the total greenshoe was for 1.5 million shares.

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.

Proceeds are earmarked 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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