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news.Seattle Genetics has reported completion of its public offering of 11.5 million shares of common stock, which includes exercise by the underwriters of their over-allotment option to purchase 1.5 million shares.
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The public offering price of $9 per share results in net proceeds to Seattle Genetics of approximately $97.5 million, after deducting underwriting discounts and commissions and offering expenses.
Seattle Genetics anticipates using the proceeds from this offering to fund R&D efforts, including clinical trials for its proprietary product candidates, and for general corporate purposes, including working capital.