Hopkinton biopharmaceutical Spring Bank hopes to raise $37.5M
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Hopkinton-based Spring Bank Pharmaceuticals wants to raise $37.5 million to fund clinical trials, studies and research and other corporate purposes.
Spring Bank is developing a variety of drugs to target and control specific proteins involved in various disease states, including hepatitis B and various cancers.
The offering, expected to close Monday, is for 3 million of the company’s shares at $12.50 a piece. Underwriters are granted a 30-day option to purchase up to an additional 450,000 shares of common stock at that same price.
As of Monday, the company’s market valuation was $194.2 million. The company’s stock opened Monday trading at $12 after ending Wednesday - when the offering was announced - at $14.13.
Investment banks Jefferies and Piper Jaffray are acting as joint book-running managers for the offering.
The company said it now has almost 16.2 million shares outstanding after the offering.
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