Progenics Floats New Stock Issue

Progenics Pharmaceuticals is loading a dose of fresh capital. The company has announced a new, 8.5 million share-strong issue of its common stock. This is being offered in an underwritten public flotation at a price of $4.40 per share. Additionally, the firm's underwriters have been granted a 30-day purchase option for up to an additional 1.275 million shares.

Progenics said it plans to use its share of the estimated $37.4 million gross proceeds of the issue for research and development and "general corporate purposes."

Leucadia's Jefferies is the sole book-running manager for the offering, which is expected to close "on or about" June 25.

Currently, Progenics has just over 51 million shares outstanding, and its stock trades at $4.30 per share.

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