Progenics Pharmaceuticals (NASDAQ:PGNX) is loading a dose of fresh capital. The company has announced a new, 8.5 million share-strong issue of its common stock. This is being offered in an underwritten public flotation at a price of $4.40 per share. Additionally, the firm's underwriters have been granted a 30-day purchase option for up to an additional 1.275 million shares.
Progenics said it plans to use its share of the estimated $37.4 million gross proceeds of the issue for research and development and "general corporate purposes."
Leucadia's Jefferies is the sole book-running manager for the offering, which is expected to close "on or about" June 25.
Currently, Progenics has just over 51 million shares outstanding, and its stock trades at $4.30 per share.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.