As reported in Xconomy, Seattle Genetics has raised another $155 M through sale of its stock to fund the anticipated launch of its antibody drug conjugate SGN-35 - a so-called empowered antibody. The money will go to hiring a "lot of people" to introduce the drug to the US market.
SGN-35 or brentuximab vedotin was developed with Seattle Genetics partner Millenium (now owned by Takeda) and is aimed for use in treating Hodgkin's disease and anaplastic large cell lymphoma. The drug has performed extremely well in phase III trials and its approval is much anticipated.
SeaGen stock has increased by nearly 60% in 2010 and it closed at $16.17 yesterday. In it's offering, the company sold 10 million shares at $15.50 per share (dilution). The compnay also reported having $315.6 M on its books as of September 30th 2010.
Posted by Bruce Lehr Feb 2nd 2011.