By Ronda Fears
Nashville, Jan. 5 - NeoPharm, Inc. sold 3.5 million shares of stock in a spot sale priced at $10.20 each, discounted from Wednesday's closing price of $10.89, via bookrunner UBS Investment Bank.
The follow-on offering fetched $35.7 million in gross proceeds, which Waukegan, Ill.-based NeoPharm said it would use to fund clinical trials of its lead product candidates, cintredekin besudotox (IL13-PE38QQR) and Liposomal Paclitaxel Easy-To-Use (LEP-ETU).
The company said it also may use the funds for clinical and pre-clinical studies for other product candidates, potential licenses and acquisitions of other businesses or complementary products and technologies, working capital, capital expenditures and other general corporate purposes.
| Issuer: | NeoPharm, Inc.
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| Issue: | Follow-on stock offering
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| Proceeds: | $35.7 million
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| Shares: | 3.5 million shares
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| Greenshoe: | 525,000 shares
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| Price: | $10.20 per share
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| Lead manager: | UBS Investment Bank
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| Pricing date: | Jan. 4
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| Settlement date: | Jan. 12
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| Ticker: | NEOL
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| Stock price: | $10.89 at close Jan. 4
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