Thursday, February 01, 2007

Action At Allos

Lot’s of action transpiring at Allos Therapeutics (NASDAQ: ALTH) since Paul Berns has taken over the reigns. We should expect a $50.5M financing to close tomorrow courtesy of Merrill, where 9M shares of common are being floated at $6 less underwriting fees and expenses, much of which to be gobbled up by Baker Brothers Life Sciences Capital. The lion share of the use-of-proceeds will be allocated to advancing pralatrexate (PDX) clinical work. Recently an independent data monitor completed an interim safety analysis and indicated PDX should continue in its pivotal Phase II trail in patients with relapsed or refractory peripheral T-cell lymphoma. A second interim safety analysis should be expected following 35 enrollees who have completed at least one cycle of PDX treatment. Finally, William Ringo was appointed to the Allos board. Mr. Ringo, most recently served as President and CEO of Abgenix and guided the $2.7B acquisition by Amgen.

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