Stemline Therapeutics Inc. priced an underwritten public offering to raise about $76.3 million.
The New York-based cancer drug developer will sell 5 million shares at $15.25 apiece to raise the amount, which will be used primarily for commercial activities of Elzonris, a treatment for blastic plasmacytoid dendritic cell neoplasm, a rare blood disease.
J.P. Morgan Securities LLC and Cowen and Co. LLC are the joint book-running managers for the offering, while Cantor Fitzgerald & Co., Ladenburg Thalmann & Co. Inc. and H.C. Wainwright & Co. LLC are acting as co-lead managers. ThinkEquity of Fordham Financial Management Inc., Alliance Global Partners and Aegis Capital Corp. are acting as co-managers for the offering.
The underwriters can purchase up to an additional 750,000 shares from the company. The offering is expected to close on or around Aug. 13.