Karyopharm raises $104 million in follow-on

Karyopharm Therapeutics Inc. (NASDAQ:KPTI) raised $104 million through the sale of 2.4 million shares at $42.50 in a bumped-up follow-on underwritten by BofA Merrill Lynch; Leerink; JMP Securities; Wedbush PacGrow; and Oppenheimer. Karyopharm proposed to raise up to $115 million in the offering earlier this month, when its share price was $42.70. On Wednesday, the company said it planned to sell 2 million shares. Shareholders raised $8.5 million through the sale of 200,000 shares in a concurrent secondary offering.

Karyopharm jumped $22.77 (94%) to $47.12 on June 13 after reporting data from eight multiple myeloma patients in a Phase I trial of selinexor ( KPT-330) in combination with dexamethasone. Selinexor plus dexamethasone produced one stringent complete response, three partial responses and two minor responses, with one case of progressive disease and one non-evaluable patient. Selinexor is an oral selective inhibitor of nuclear export (SINE) protein exportin 1 ( XPO1; CRM1) (see BioCentury Extra, June 13). ...