BioCentury
ARTICLE | Financial News

Trio raises combined $160.7M in follow-ons

July 18, 2013 12:53 AM UTC

A trio of biotechs raised a combined $160.7 million in follow-ons on Wednesday. Insmed Inc. (NASDAQ:INSM) raised $62.4 million through the sale of 6 million shares at $10.40. Leerink; Lazard; and Canaccord are underwriters. Insmed proposed to raise $60 million on Monday, when its share price was $10.92. The company plans to submit regulatory applications to EMA and Health Canada for Arikace amikacin to treat Pseudomonas aeruginosa infection in cystic fibrosis (CF) patients.

Cancer stem cell company Verastem Inc. (NASDAQ:VSTM) raised $55.5 million through the sale of 3.7 million shares at $15. Jefferies; Leerink; JMP Securities; Oppenheimer; Lazard; Guggenheim Securities; Roth Capital Partners; and Cantor Fitzgerald are underwriters. Verastem proposed the offering late Tuesday, when its share price was $16.94. Verastem's VS-6063 is in a Phase I/Ib trial to treat advanced ovarian cancer, with Phase II trials in mesothelioma and non-small cell lung cancer (NSCLC) slated to start this quarter. The company has exclusive, worldwide rights to the inhibitor of focal adhesion kinase (FAK) targeting cancer stem cells from Pfizer Inc. (NYSE:PFE). ...