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news.Progenics Pharmaceuticals has announced the pricing of an underwritten public offering of 2.6 million shares of its common stock pursuant to an effective shelf registration statement.
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UBS Investment Bank, CIBC World Markets and Morgan Stanley acted as joint book-running managers for the offering. The price to the public is $23.15, and proceeds to the company, excluding underwriting discounts and commissions and expenses, are expected to be approximately $57.1 million.
Progenics intends to use the net proceeds from the offering to fund clinical trials of its product candidates, for R&D programs, and for other corporate purposes. The company has granted to the underwriters an option to purchase an additional 3.9 million shares to cover over-allotments, if any. All of the shares in the offering are being sold by Progenics.
A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. A final prospectus supplement and related prospectus concerning this offering may be obtained from UBS.