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Biotech / Medical : Biotech Valuation

CRSP 55.11

-2.6%

Nov 7 9:30 AM EST

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To: Jibacoa who wrote (3168)	3/22/2001 2:16:17 AM
From: Vector1	Read Replies (1) of 52153

Praecis raised almost $180m only 3 weeks ago at at over a 50% premium to its current price. Unbelievable. ----------------------------------------------------------- Praecis sells 1.1 mln shares in over-allotment exercise CAMBRIDGE, Ma., Feb 27 (Reuters) - Praecis Pharmaceuticals Inc. (NASDAQ:PRCS) on Tuesday said it sold 1.1 million shares to underwriters of its recent public offering of common stock, raising funds for clinical trials. The sale was an exercise of the underwriters' over-allotment option. Including the over-allotment shares, a total of 7.6 million shares were publicly offered and sold by Praecis at a price of $24.5625 per share. Total net proceeds were $175.8 million. Praecis said it will use the proceeds for clinical trials and production of its lead product, abarelix, a treatment for prostate cancer. Shares of Praecis were up 1/8 at $27-5/8 in early afternoon Nasdaq trading. The stock's 52-week range is between $10-1/16 and $47-15/16.

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