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12:00 AM
Oct 22, 2012
 |  BioCentury  |  Finance

Rolling 7s

Biotech's $518.9M in October follow-ons puts 4Q11 total in reach

Follow-ons continued their strong fourth quarter start, with seven companies raising $322.4 million last week. Adding in the three follow-ons from earlier in the month, the industry already has raised $518.9 million and 4Q11's total of $689.3 million seems well within reach.

Phase III companies in last week's crop included Anacor Pharmaceuticals Inc. (NASDAQ:ANAC), Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) and MannKind Corp. (NASDAQ:MNKD).

Anacor expects to submit an NDA for its tavaborole (AN2690) topical antifungal agent to treat onychomycosis in 1H13. The company raised $24 million through the sale of 4 million shares at $6.

Lexicon, which raised $39.4 million through the sale of 17.5 million shares at $2.25, is developing telotristat etiprate to...

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