Although November is only half over, more money has been raised in follow-ons this month than in the previous three months combined: $512.4 million compared with $216.8 million from August through October.
OSIP did the bulk of the work, raising $387 million last week in a bumped-up deal through the sale of 6 million shares at $64.50. The cancer company last month proposed to sell 5.5 million shares when its stock price was $66.64. The stock was off $1.19 to $65.31 for the week.
In addition, as the markets continue to post solid gains, companies are hardly taking haircuts. OSIP's stock price was trimmed a meager 3%. The company does have a significant near-term milestone in its Jan. 30 PDUFA date for Tarceva to treat non-small cell lung cancer. The small molecule EGFR inhibitor is partnered with Genentech(DNA) and Roche (SWX:ROCZ).
Ophthalmic play Inspire (ISPH) also wasn't significantly nicked on its overnight follow-on. The company raised $37.6 million through the sale of 2.2 million shares at $17.10 on Thursday. ISPH proposed the deal on Wednesday, when its stock price was $17.73.
The company hopes to amend its NDA for diquafosol ophthalmic solution to treat dry eye in mid-2005. In January, FDA said an additional trial would be required to approve the compound, for which ISPH received an approvable letter in December. ISPH closed Friday at $18.17, down $0.49 on the week.
Infectious disease, cancer and inflammation company Incyte (INCY) didn't even give the market a chance on a haircut. The company announced