By Ronda Fears
Nashville, Jan. 24 - Tercica, Inc. priced a follow-on offering of 5 million shares of common stock at $6.40 per share via bookrunner Lehman Brothers Inc.
Pricing was discounted from a $6.96 close on Monday and $6.51 on Tuesday.
Brisbane, Calif.-based Tercica focuses on the development and commercialization of products to improve endocrine health. Its first product, Increlex or recombinant human insulin-like growth factor-1 (rhIGF-1), is approved by the Food and Drug Administration for the long-term treatment of severe primary IGF-1 deficiency, or primary IGFD. The company is conducting a phase 3b clinical study to evaluate the safety and efficacy of Increlex in children with primary IGFD. Tercica licensed worldwide rights to develop, manufacture and commercialize rhIGF-1 products to Genentech, Inc.
The company plans to use proceeds for production and supply activities for Increlex, late stage clinical trials of Increlex, launch and post-launch sales and marketing activities for Increlex and general corporate purposes, including the possible licensing, acquisition and development of new products or product candidates.
| Issuer: | Tercica, Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $32 million
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| Net proceeds: | $29.6 million
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| Shares: | 5 million shares
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| Greenshoe: | 750,000 shares
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| Price: | $6.40 per share
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| Lead manager: | Lehman Brothers Inc.
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 27
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| Stock symbol: | Nasdaq: TRCA
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| Stock price: | $6.96 at close Jan. 23, $6.51 at close Jan. 24
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