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March 29, 2006

Seattle Genetics details stock sale

Posted by Benjamin J. Romano at 9:47 AM

Seattle Genetics offered more details of its planned follow-on stock offering in a prospectus filed with the Securities and Exchange Commission today.

The company plans to complete its offering of 7.3 million shares on Monday, April 3. It is also selling 1.1 million shares to Baker Brothers Investments in a private placement.

Seattle Genetics expected to net $38.4 million from public offering, after an 8 percent underwriting discount and offering expenses of $250,000. That estimate was based on Monday's closing price of $5.74 per share. The company's stock sank 56 cents or 9.8 percent to $5.18 in heavy trading today.

Seattle Genetics said it will use proceeds from the sale for clinical and pre-clinical development of its slate of monoclonal antibodies in development against cancer and other diseases. Other uses include manufacturing, potential acquisitions and general corporate purposes.

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