Allos Therapeutics Announces $50.5M Financing Deal

By Douglas A. McIntyre Published Feb 2, 4:14AM EST

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by Adam Rubenstein

Lot’s of action transpiring at Allos Therapeutics (ALTH) since Paul Berns has taken over the reigns. We should expect a $50.5M financing to close tomorrow courtesy of Merrill, where 9M shares of common are being floated at $6 less underwriting fees and expenses, much of which to be gobbled up by Baker Brothers Life Sciences Capital.

The lion share of the use-of-proceeds will be allocated to advancing pralatrexate (PDX) clinical work. Recently an independent data monitor completed an interim safety analysis and indicated PDX should continue in its pivotal Phase II trail in patients with relapsed or refractory peripheral T-cell lymphoma. A second interim safety analysis should be expected following 35 enrollees who have completed at least one cycle of PDX treatment.

Finally, William Ringo was appointed to the Allos board. Mr. Ringo, most recently served as President and CEO of Abgenix and guided the $2.7B acquisition by Amgen (AMGN).

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.