Karyopharm files for stock offering
Karyopharm Therapeutics has launched a public offering of 2.2 million shares of its common stock as it seeks to generate $77 million in capital.
According to documents filed with the U.S. Securities and Exchange Commission, the Natick-based biotech firm is basing the $77 million on a per-share price of $41.37. In addition, Karyopharm said it intends to grant the underwriters a 30-day option to purchase up to 330,000 additional shares.
The company plans to spend approximately $65 million of the proceeds to fund continued clinical development of its lead drug candidate, Selinexor, with $52 million earmarked for ongoing and new clinical trials in hematological or solid tumor indications formed by an abnormal growth of body tissue cells, of the drug, and $13 million for new trials in additional testing according to the filing. The remainder will be applied to additional drug development, working capital and other general corporate purposes.
The offering is expected to consist of 2 million shares offered by the company and 200,000 from existing stockholders.
Karyopharm’s stock trades on the Nasdaq exchange under the symbol KPTI.
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