Allos: Encouraging Data = Next Round of Financing

On the heels of Allos Therapeutics (NASDAQ: ALTH) reporting of positive interim data for their pivotal Phase II PDX (pralatrexate) trial, where a 29% of 65 T-cell lymphoma patients had either a complete or partial response, have now unveiled their follow-on financing strategy for ongoing clinical requirements in addition to preclinical R&D of pipeline candidates, manufacture of clinical trial material, pre-commercial scale-up activities for PDX, working capital and general corporate purpose needs. That is the planned sale of 9.00M shares of newly issued common stock with up to an additional 1.35M shares available to cover over allotments. Banc of America and Citigroup are acting as co-lead underwriters on the financing which is expected to be declared effective early in June. Recall Allos last issued 9M shrs about a year and a half ago raising just north of $50M; if this new financing is priced similarly at $6/share one could expect the deal to bring in approximately $62M less expenses.

*NOTE* Feel the power of the Colorado BioScience Association (HERE)!
*NOTE* Take a look at the new Boulder Biotech Company Tree (HERE)!
*NOTE* Read the new eBook CLSDF 2007 - What's In A Year? (HERE)!

If you enjoyed this post get free email or RSS updates (here).