By Ronda Fears
Memphis, March 30 - Kosan Biosciences Inc. raised $25 million in proceeds from a follow-on offering of 5 million shares of common stock off the shelf priced at $5.00 each, discounted from Wednesday's closing level of $5.88.
The spot sale was managed by bookrunner Credit Suisse Securities (USA) LLC.
Hayward, Calif.-based Kosan is advancing two new classes of anticancer agents - heat shock protein 90, or Hsp90, inhibitor, KOS-953, in phase 1 and 2 clinical trials, primarily for multiple myeloma and HER2 positive breast cancer; and, KOS-953, a proprietary formulation of 17-AAG, a geldanamycin analog. In addition, intravenous and oral formulations of its second-generation Hsp90 inhibitor, KOS-1022, are currently in phase 1 clinical trials.
| Issuer: | Kosan Biosciences Inc.
|
| Issue: | Follow-on stock offering
|
| Gross proceeds: | $25 million
|
| Shares: | 5 million shares
|
| Price: | $5.00 per share
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Co-manager: | Cowen & Co., LLC
|
| Pricing date: | March 29
|
| Settlement date: | April 4
|
| Stock symbol: | Nasdaq: KOSN
|
| Stock price: | $5.88 at close March 29
|
|
|
© 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.
