Cyclacel, Stemline raise combined $80M in follow-ons
Cancer companies Stemline Therapeutics Inc. (NASDAQ:STML) and Cyclacel Pharmaceuticals Inc. (NASDAQ:CYCC) raised a combined $80 million in follow-ons on Thursday. Stemline raised $60 million in a bumped-up offering through the sale of 4.1 million shares at $14.50. Jefferies; Aegis; and Roth Capital Partners are underwriters. Stemline proposed the offering late May 6, when its share price was $14.96.
Stemline is planning Phase IIb trials for SL-401 to treat blastic plasmacytoid dendritic cell neoplasm and third-line acute myelogenous leukemia (AML); and for SL-701 to treat newly diagnosed brainstem glioma and second-line glioblastoma multiforme (GBM). SL-401 is an IL-3 receptor targeting agent, and SL-701 is a cancer vaccine comprised of synthetic peptides administered via subcutaneous injection. ...