Infinity Pharmaceuticals, Inc. (INFI: Quote) said Wednesday that it has commenced an underwritten public offering of shares of its common stock.
The company plans to grant the underwriters a 30-day option to purchase up to an additional 15% of the amount sold to cover over-allotments, if any.
The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering, the company said.
Infinity anticipates using the net proceeds from the offering for research and development expenditures, including costs associated with the continuing clinical development of its product candidates IPI-145 and retaspimycin HCl, as well as for working capital, capital expenditures, potential acquisitions of new businesses, technologies or products that the company believes have the potential to complement or expand its business, and other general corporate purposes.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for the proposed offering.
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by RTT Staff Writer
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