Cascadian Therapeutics Prices $82.5 Million Concurrent Offerings Of Common Stock And Preferred Stock

SEATTLE, Jan. 24, 2017 (GLOBE NEWSWIRE) -- Cascadian Therapeutics, Inc. (Nasdaq:CASC), a clinical-stage biopharmaceutical company, today announced the pricing of the previously announced concurrent but separate underwritten offerings of 23,182,000 shares of its common stock at a price to the public of $3.30 per share, for expected gross proceeds of approximately $76.5 million and 1,818 shares of its Series E convertible preferred stock at a price to the public of $3,300 per share, for expected gross proceeds of approximately $6.0 million. Each share of Series E convertible preferred stock is non-voting and convertible into 1,000 shares of Cascadian Therapeutics common stock, provided that conversion will be prohibited if, as a result, the holder and its affiliates would beneficially own more than 19.99% of the common stock then outstanding. As part of the common stock offering, Cascadian Therapeutics granted the underwriters a 30-day option to purchase 3,477,300 additional shares of Cascadian Therapeutics common stock. The offerings are being conducted as separate public offerings by means of separate prospectus supplements, and neither offering is contingent upon the consummation of the other.

Aggregate gross proceeds from the offerings, before deducting underwriting discounts, commissions and estimated expenses, are expected to be approximately $82.5 million. Cascadian Therapeutics plans to use the net proceeds from these offerings to fund the tucatinib HER2CLIMB pivotal trial, to support the development of tucatinib in other indications through Company or investigator-sponsored trials, as well as for working capital and other general corporate purposes. The offerings are expected to close on or about January 27, 2017, subject to customary closing conditions.

Cowen and Company, LLC and Barclays Capital Inc. are acting as joint book-running managers. Raymond James & Associates, Inc. is acting as the lead manager and BTIG, LLC is acting as a co-manager in the offerings.

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