Puma, MacroGenics, CytRx propose follow-ons
Puma Biotechnology Inc. (NYSE:PBYI), MacroGenics Inc. (NASDAQ:MGNX) and CytRx Corp. (NASDAQ:CYTR) all proposed follow-ons. Puma plans to raise up to $115 million in a follow-on underwritten by BofA Merrill Lynch; Citigroup; and Leerink. Puma has seen its shares skyrocket since announcing last month that neratinib (PB272) "graduated" from the open-label I-SPY 2 trial based on having a high probability of success in patients with HER2-positive/hormone receptor-negative breast cancer in a Phase III trial. The company has exclusive, worldwide rights to develop and commercialize the oral inhibitor of HER1, HER2 and HER4 kinases from Pfizer Inc. (NYSE:PFE) (see BioCentury Extra, Dec. 4, 2013).
MacroGenics plans to raise up to $90 million in a follow-on underwritten by BofA Merrill Lynch; Leerink; Stifel; Wedbush PacGrow; and Roth Capital Partners. MacroGenics' margetuximab ( MGAH22), a Fc optimized mAb against HER2, is in a Phase IIa trial to treat metastatic breast cancer. Next half, the company plans to start a Phase III trial for margetuximab to treat advanced gastroesophageal cancer. ...