OncoGenex Prices Secondary Offering, Shares Fall (OGXI)
Cancer therapy developer OncoGenex Pharmaceuticals Inc. (NASDAQ: OGXI) has priced a secondary offering of 4.165 million common shares at $12.00/share, a discount of 31% to yesterday’s closing price of $17.43. Needless to say the shares are getting pounded today. OncoGenex…
OncoGenex expects to realize about $46.8 million from the offering, net of fees and expenses. Leerink Swann LLC and Stifel Nicolaus Weisel are acting as joint book-running managers and Lazard Capital Markets LLC and William Blair & Company, L.L.C. are acting as co-managers. The underwriters have a 30-day over-allotment option of 624,750 shares.
The company did not specify how it plans to use the proceeds from the sale.
Shares are down nearly -20% at $13.99 in a 52-week range of $8.63-$18.99.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
