Nuvelo greenshoe exercised, raising follow-on stock issue to $119.6 million

By Angela McDaniels

Seattle, Feb. 6 - Nuvelo Inc. said the underwriters of its recent follow-on stock offering have exercised their 975,000 share over-allotment option in full, raising size of the sale to 7,475,000 shares or $119.6 million.

The company sold 6.5 million shares of common stock on Jan. 31 at $16 each for total proceeds of $104 million.

J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. were joint bookrunners. Lehman Brothers Inc. was co-manager.

Proceeds will be used for the advancement of drug candidates in clinical trials, the development of a commercialization infrastructure, capital expenditures and working capital, according to a company news release.

Nuvelo is a pharmaceutical company based in San Carlos, Calif., that develops and commercializes novel drugs for acute cardiovascular and cancer therapy.

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