Seattle Genetics said today that its underwriters have exercised their options to purchase another 1.5 million shares at $15.50 apiece, which they were entitled to as part of a financing announced yesterday. The underwriter purchases mean the company has raised another $23 million, bringing the total of the new financing to $178 million. Seattle Genetics (NASDAQ: [[ticker:SGEN]]) is ramping up marketing and manufacturing this year as it seeks FDA approval for its first drug.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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