The closing of the offering is expected to take place on May 29, 2008, subject to the satisfaction of customary closing conditions. The company has granted the underwriters a 30-day option to purchase an additional 1.62 million shares of common stock from the company to cover overallotments, if any.
The company expects to receive net proceeds from the offering of approximately $56.6 million, after deducting underwriting commissions and estimated offering expenses. The company plans to use the net proceeds from the financing primarily for clinical and preclinical research and development of its product candidates, manufacture of clinical trial material and pre-commercial scale-up activities for PDX, working capital and general corporate purposes.