By Ronda Fears
Nashville, Sept. 16 - Myogen Inc. priced a follow-on offering of 4,675,082 shares of common stock off the shelf at $23.25 per share, discounted from Thursday's closing level of $23.96, via bookrunner Goldman Sachs & Co.
Proceeds, estimated to net the company $101 million, are earmarked to continue the development of product candidates and the company's research program, including the acceleration and expansion of the Darusentan clinical development program, prepare for the potential commercial launch of Ambrisentan and Darusentan.
Denver-based Myogen is focused on treatments for cardiovascular disorders. Ambrisentan is in phase 3 clinical development for the treatment of pulmonary arterial hypertension. Darusentan recently completed a phase 2b clinical trial for the treatment of patients with resistant hypertension.
Funds could also be used for working capital and general corporate purposes.
| Issuer: | Myogen Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $108.7 million
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| Net proceeds: | $101 million
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| Shares: | 4,675,082
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| Greenshoe: | 701,262 shares
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| Price: | $23.25 per share
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| Bookrunner: | Goldman Sachs & Co.
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| Co-managers: | CIBC World Markets, First Albany Capital and Lazard Capital Markets
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 21
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| Ticker: | MYOG
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| Stock price: | $23.96 at close Sept. 15
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