NeoPharm greenshoe exercised, raising deal to $38.5 million

By E. Janene Geiss

Philadelphia, Jan. 10 - NeoPharm, Inc. said Tuesday that underwriters of its recent public offering of common stock exercised in full their over-allotment option and purchased a further 525,000 shares at $10.20 per share.

Gross proceeds from the offering of 4.025 million shares are now $41.055 million, up from the initial $35.7 million priced on Jan. 4.

UBS Securities LLC acted as lead manager of the deal.

The Waukegan, Ill., pharmaceutical company said it would use the proceeds 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 preclinical studies of other product candidates, potential licenses and acquisitions of other businesses or complementary products and technologies, working capital, capital expenditures and other general corporate purposes.

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