Molecular Templates plans to price 250 shares of series A convertible preferred stock

By Abigail W. Adams

Portland, Me., Nov. 25 – Molecular Templates Inc. plans to price 250 shares of series A convertible preferred stock in conjunction with an offering of 6 million shares of common stock for an aggregate public offering price of $50 million, according to a 424B5 filing with the Securities and Exchange Commission.

Cowen Inc., Barclays, and Stifel, Nicolaus & Co. Inc. are the bookrunners for the registered offering, which carries a greenshoe of 900,000 shares of common stock. Oppenheimer & Co. Inc. is a lead manager. Co-manager is Ladenburg Thalmann & Co. Inc.

The series A convertible preferred stock is convertible at any time into 1,000 shares of common stock provided conversion would not give the holder more than a 9.99% ownership in the company.

Proceeds will be used to fund clinical trials and support preclinical and drug discovery activities.

Molecular Templates is an Austin, Tex.-based clinical stage biopharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.