Karyopharm withdraws follow-on plans
Karyopharm Therapeutics Inc. (NASDAQ:KPTI) withdrew a proposed follow-on. The company told BioCentury it was being "opportunistic" when it filed to raise up to $115 million in the offering last month, but decided not to pursue the offering, citing volatility in the biotech market over the last couple of weeks. The company said it has sufficient cash to fund operations through early 2016. BofA Merrill Lynch; Leerink Partners; JMP Securities; Wedbush PacGrow; and Oppenheimer were underwriters.
The biotech sector indices have been off 15-18% since their peak in late February, but buysiders who talked to BioCentury believe the worst of the pullback is in the rearview mirror and expect the equity markets will remain open (see BioCentury, April 7). ...