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Endocyte plans $175M common stock offering to fund prostate cancer drug

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Endocyte plans $175M common stock offering to fund prostate cancer drug

Endocyte Inc. is planning a public offering to sell $175 million of its common shares.

The West Lafayette, Ind.-based company intends to use the net proceeds to fund the clinical development of its pipeline products, to prepare for the launch of prostate cancer drug Lu-PSMA-617, if approved, as well as for working capital and general corporate purposes.

Endocyte expects to grant the underwriters an option to buy up to an additional $26.3 million of common shares.

Jefferies LLC, Wells Fargo Securities LLC and RBC Capital Markets LLC are acting as joint book-running managers for the proposed offering.

Endocyte is a biopharmaceutical company that develops targeted therapies for treating cancer and inflammatory diseases.