ChemoCentryx is set to raise up to $60 million in a new public offering of its common stock. The company also intends to grant its underwriters a 30-day purchase option for an additional $9 million worth of shares to cover over-allotments, if any.
The issue has commenced, although the company added that "there can be no assurance as to whether or when the offering may be completed."
ChemoCentryx said it plans to use the proceeds "to fund development of our drug candidates, for working capital and other general corporate purposes."
JPMorgan Chase unit J.P. Morgan Securities and Goldman Sachs are the joint book-running managers of the offering.
The article ChemoCentryx Floats Common Stock Issue originally appeared on Fool.com.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs and owns shares of JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.