Karyopharm to raise $121M through stock offering
Natick-based Karyopharm Therapeutics said underwriters have exercised their option to purchase nearly 400,000 additional stock shares, boosting total offering proceeds to $120.9 million.
The biotech firm said it has sold 2.45 million shares for $42.50 each since Thursday, with current shareholders selling an additional 200,000 shares. The offering is expected to close Wednesday, the company said.
Proceeds from the public offering will be approximately $97.8 million, with the exercising of the option netting an additional $23.1 million, the company said. Karyopharm will not receive any proceeds from the sales by existing shareholders.
Karyopharm plans to spend $65 million of the proceeds to fund ongoing and new clinical trials for leading drug candidate Selinexor. The remaining proceeds will be use for additional drug development, working capital and other general purposes.
The company raised $125 million through its initial public offering (IPO) in November and December. Karyopharm sold 7.82 million shares of stock during its IPO at just $16 per share.
(Image credit: freedigitalphotos.net)
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