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ARTICLE | Financial News

OncoMed raises $55M in follow-on

August 18, 2016 7:00 AM UTC

Cancer stem cell company OncoMed Pharmaceuticals Inc. (NASDAQ:OMED) raised $55 million through the sale of 5.5 million shares at $10 in a follow-on underwritten by Leerink, Wells Fargo and JMP Securities. The company proposed the offering late Wednesday, when it closed at $11.71. OncoMed lost $1.64 (14%) to $10.07 on Thursday.

OncoMed is conducting two Phase II studies of demcizumab ( OMP-21M18), a mAb against delta-like 4 ( DLL4), to treat pancreatic cancer and non-small cell lung cancer (NSCLC). Celgene Corp. (NASDAQ:CELG) has an exclusive option to jointly develop and commercialize up to six of OncoMed's cancer stem cell products, including demcizumab. ...