Myogen greenshoe exercised, raising stock sale to $125 million

New York, Sept. 21 - Myogen Inc. said the underwriters for its recent follow-on sale of common stock exercised the over-allotment option in full, raising the size of the deal to $125 million.

The company sold a total of 5,376,344 shares at $23.25 each.

In the initial pricing after the close on Sept. 15, Myogen issued 4,675,082 shares. The greenshoe added a further 701,262.

Goldman Sachs & Co. was bookrunner.

Net proceeds of $116.4 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, and 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.

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