Seattle Genetics to sell $56 million in stock
This article was originally published in Scrip
Seattle Genetics has placed a public offering of 5.74 million new shares at around $55.8 million.
The proceeds will fund R&D for clinical trials and manufacturing campaigns for its candidates, and for general corporate purposes.
The US company develops monoclonal antibody-based therapies to treat cancer and autoimmune disease. Its lead candidate is dacetuzumab (SGN-40), which is in six Phase Ib/IIb clinical trials. The humanised antibody targets the CD40 antigen and is partnered with Genentech.
So far, dacetuzumab has been trialled as a single agent in combination with standard treatment regimens for non-Hodgkin's lymphoma and multiple myeloma.