Human Genome Sciences, Inc. (HGSI), Monday said that it has commenced an underwritten public offering of up to 12.50 million shares of its common stock. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 1.87 million shares of the company's common stock.
Net proceeds from this offering is expected to use for general corporate purposes, including acquisition of additional manufacturing capacity and development of new indications for BENLYSTA, as well as potential sales and marketing activities, clinical trial, research and development, general and administrative and manufacturing expenses and the potential retirement of debt. The company will also use a portion of the proceeds for strategic investments.
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