Proceeds slated for general corporate purposes; shares sold at $4.00
By Devika Patel
Knoxville, Tenn., May 4 - Oncothyreon said it completed a $46 million public sale of common stock. The deal was announced April 28 and priced for $40 million with a 15% greenshoe on April 29.
The company sold 11.5 million common shares at $4.00 apiece. Of the shares, 1.5 million were part of the fully exercised greenshoe. The price per share is a 19.03% discount to the April 28 closing share price of $4.94.
Cowen and Co., LLC was the sole book-running manager and Wedbush PacGrow Life Sciences was the co-manager.
Proceeds will be used for development of PX-866, Oncothyreon's PI-3 Pan-isoform irreversible Kinase inhibitor, and ONT-10, Oncothyreon's proprietary follow-on vaccine to Stimuvax, and general corporate purposes.
Oncothyreon is an Edmonton, Alta., biotechnology company.
| Issuer: | Oncothyreon
|
| Issue: | Common stock
|
| Amount: | $46 million (including $6 million greenshoe)
|
| Shares: | 11.5 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Managers: | Cowen and Co., LLC, Wedbush PacGrow Life Sciences
|
| Announcement date: | April 28
|
| Pricing date: | April 29
|
| Settlement date: | May 4
|
| Stock symbol: | Nasdaq: ONTY
|
| Stock price: | $4.94 at close April 28
|
| Market capitalization: | $138.25 million
|
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