Telios Pharmaceuticals Inc. announced Tuesday that itcompleted its secondary public offering, announced Dec. 14, of4.5 million shares of common stock(NASDAQ:TLIO). Of these, 4million shares were sold at $6 per share by the underwriters,and the other 500,000 went directly to Eli Lilly and Co. at $8per share.
The underwriters, Hambrecht & Quist Inc. and PrudentialSecurities Inc., have been granted an overallotment option topurchase an additional 600,000 shares of common stock.
Telios anticipates using the net proceeds of about $26.3 million,not including the overallotment option, for research anddevelopment, including preclinical and clinical testing,manufacturing and other general corporate purposes.
Telios of San Diego is developing therapeutic products based onthe role of the extracellular matrix in tissue repair and disease,including for treating severe and chronic dermal wounds,ophthalmic wounds, fibrotic diseases, cardiovascular diseaseand osteoporosis.
Lilly purchased $4 million worth of stock as part of theresearch agreement it reached with Telios on Jan. 11 todevelop, test and market integrin-specific compounds forpreventing and treating osteoporosis. Lilly is also providingTelios with research funding of at least $1.5 million annuallyover the next four years.
Telios stock closed Tuesday at $6 a share, down 75 cents.
-- Jennifer Van Brunt Senior Editor
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