Thursday January 6, 6:48 pm Eastern Time
Genzyme Transgenics files to sell 3 million shares
WASHINGTON, Jan 6 (Reuters) - Genzyme Transgenics Corp.(NasdaqNM:GZTC - news), a gene therapy researcher, filed on Thursday to sell three million shares, according to a Securities and Exchange Commission filing.
The company said it plans to use the net proceeds, about $32.8 million, for general corporate purposes including working capital, investment in new technologies, expansion of existing operations, as well as for the redemption of some or all of its series B convertible preferred stock, plus accrued dividends.
After the offering, there will be about 25.4 million shares outstanding in the Framingham, Mass.-based company, according to the filing.
The underwriters, Warburg Dillon Read LLC and Chase H&Q, have been allotted an extra 450,000 shares to purchase in the event of heavy demand.
Genzyme Transgenics shares rose 5/16 to 12-1/8 on Nasdaq. |
