By Sheri Kasprzak
New York, Sept. 15 - Auxilium Pharmaceuticals, Inc. plans to pocket $46.75 million from a direct placement of stock.
A group of institutional investors has agreed to buy 5.5 million shares at $8.50 each, an 8.6% discount to the company's $9.30 closing stock price on Thursday.
The shares are being offered under the company's shelf registration.
The deal is scheduled to close Sept. 20.
Thomas Weisel Partners LLC is the lead agent with Roth Capital Partners, LLC as co-agent.
Proceeds will be used for product development, capital expenditures, working capital and general corporate purposes.
Auxilium, based in Malvern, Pa., is a pharmaceutical company focused on treatments for hypogonadism.
| Issuer: | Auxilium Pharmaceuticals, Inc.
|
| Issue: | Stock
|
| Amount: | $46.75 million
|
| Shares: | 5.5 million
|
| Price: | $8.50
|
| Warrants: | No
|
| Placement agents: | Thomas Weisel Partners LLC (lead), Roth Capital Partners, LLC
|
| Announcement date: | Sept. 15
|
| Settlement date: | Sept. 20
|
| Stock symbol: | Nasdaq: AUXL
|
| Stock price: | $10.23 at close Sept. 15
|
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