Kosan to sell 4.5 million shares in follow-on offering

New York, Aug. 4 - Kosan Biosciences Inc. said it plans to sell 4.5 million shares of common stock in a follow-on offering.

The deal will be brought to market under the company's shelf registration.

Credit Suisse First Boston, LLC will be bookrunner. SG Cowen & Co., LLC and CIBC World Markets Corp. will be co-managers.

The underwriters will have a 675,000 share greenshoe.

Kosan is a Hayward, Calif., company with two anticancer agents in Phase II and Phase Ib clinical trials: KOS-862 (Epothilone D) and 17-AAG, an Hsp90 (heat shock protein 90) inhibitor and geldanamycin analog.

KOS-862 is in two Phase II clinical trials and multiple Phase Ib clinical trials, and its follow-on compound, KOS-1584, which is in Phase I clinical trials, are covered by a development and commercialization agreement with Roche.

Kosan is developing 17-AAG and a second-generation geldanamycin analog, KOS-1022 (DMAG), that is in Phase I clinical trials, in collaboration with the National Cancer Institute.

Kosan stock closed at $9.65 Thursday.

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