Endocyte raises $94.5 million in follow-on
Endocyte Inc. (NASDAQ:ECYT) raised $94.5 million through the sale of 4.5 million shares at $21 in a follow-on underwritten by Credit Suisse; Citigroup; Cowen; RBC Capital Markets; Baird; Wedbush PacGrow; and Roth Capital Partners. Endocyte proposed the offering late Tuesday, when its share price was $27.19.
Endocyte shares jumped $13.53 (92%) to $28.17 on March 21 on a double-dose of good news. EMA's CHMP recommended conditional approval of Vynfinit vintafolide to treat folate receptor-positive platinum-resistant ovarian cancer in combination with pegylated liposomal doxorubicin. Endocyte also reported that Vynfinit plus docetaxel met the primary endpoint in the Phase IIb TARGET trial as second-line treatment of non-small cell lung cancer (NSCLC) (see BioCentury Extra, March 21). ...