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news.Cougar Biotechnology has entered into definitive agreements with institutional investors to sell in a private placement three million shares of its common stock at a price of $29 per share, resulting in gross proceeds to the company of $87 million, before deducting placement agent fees and other offering expenses.
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The closing of the offering is subject to certain conditions, and is expected to occur on December 20, 2007.
Leerink Swann served as lead placement agent for the offering with Cowen and Company and Lazard Freres & Co acting as co-placement agents.
Proceeds from the financing will be used primarily for ongoing clinical development of Cougar’s drug candidates including CB7630 (abiraterone acetate), CB3304 (noscapine) and CB1089 (seocalcitol).