ChemoCentryx (NASDAQ: CCXI ) is set to raise up to $60 million in a new public offering of its common stock. The company also intends to grant its underwriters a 30-day purchase option for an additional $9 million worth of shares to cover over-allotments, if any.
The issue has commenced, although the company added that "there can be no assurance as to whether or when the offering may be completed."
ChemoCentryx said it plans to use the proceeds "to fund development of our drug candidates, for working capital and other general corporate purposes."
JPMorgan Chase unit J.P. Morgan Securities and Goldman Sachs are the joint book-running managers of the offering.