Monday January 10, 3:12 pm Eastern Time
Antigenics sets IPO terms at 3 mln shares
WASHINGTON, Jan 10 (Reuters) - Drug company Antigenics Inc. said on Monday it plans to sell three million shares in a projected range of $14-$16 a share in its planned upcoming initial public offering.
The New York-based company, whose heat shock protein technology is being tested for treating cancer and other diseases, will likely net about $41 million from the offering, according to the amended prospectus filed with the Securities and Exchange Commission.
Antigenics said it plans to use the funds to pay for clinical trials, research, preclinical and development activities for its immunotherapeutics and general corporate purposes, including working capital and an increase in its administrative staff.
After the offering, there will be about 23.7 million shares outstanding in the company, putting its initial capitalization at about $355.5 million based on a $15 per share initial price.
U.S. Bancorp Piper Jaffray and Robertson Stephens, the underwriters, have been granted the right to purchase an extra 450,000 shares in the event of heavy demand.
Antigenics has applied to sell its shares on Nasdaq under the symbol ``AGEN' (NasdaqSC:AGEN - news). |
