ImClone Systems Inc., said Monday it grossed $11.25million from the sale of 3 million shares in a publicoffering, giving the New York company at least anotheryear of cash.
The cash infusion, together with the $2.3 million thecompany had at the end of September, will help ImClonecontinue development of its lead candidates. Thecompany will have 16.5 million shares outstanding whenthe deal closes, which is expected later this week.
ImClone's lead product is C225, an epidermal growthfactor receptor (EGFr) antagonist being tested in PhaseIb/IIa trials against EGFr-positive cancers. Data from thatstudy are expected to be presented at the AmericanSociety of Clinical Oncology meeting next May, saidAndrea Rabney, the company's director of corporatedevelopment and investor relations.
The agent also is being studied in combination withcisplatin against lung and head and neck cancers.ImClone intends to initiate additional studies of C225 incombination with other chemotherapeutics over the nextsix months, Rabney said.
The new shares were sold at $3.75 each to institutionsand individuals with high net worth. The stock closed at$4.16 Monday, down 9 cents. Genesis Merchant GroupSecurities, of San Francisco, was placement agent for theoffering.
ImClone also has cancer vaccines in clinical studies and apreclinical compound, DC101, that targets angiogenesisby blocking the flk-1 receptor found on the vascularendothelial cells of tumors. _ Jim Shrine
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