Enzon Inc. announced Friday that it has sold 3 million shares ofcommon stock at $6.50 per share.
Prudential Securities Inc. was the managing underwriter. Theunderwriters have the option to purchase an additional450,000 shares to cover overallotments. After the offering,Enzon will have approximately 23.2 million common sharesoutstanding.
The Piscataway, N. J., company (NASDAQ:ENZN) expects to usethe net proceeds for general corporate purposes.
Enzon is a biopharmaceutical company developing advancedtherapeutics for life-threatening diseases through theapplication of its proprietary technologies, pegnology andsingle-chain antigen-binding proteins. The company's drugdevelopment research focuses on genetic diseases, cancertherapy and blood substitutes. The company also pursuescommercialization of its technologies through strategicalliances.
Enzon's stock closed Friday at $6.63, off 38 cents a share.
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