Stemline Therapeutics Inc. priced an underwritten public offering of 8,888,889 common shares at $9 apiece.
The offering was upsized from 6,600,000 shares originally, due to demand. Stemline Therapeutics expects to raise gross proceeds of $80 million.
Underwriters have a 30-day option to buy up to 1,333,333 additional common shares at the public offering price.
The offering is expected to close Jan. 18, subject to customary closing conditions.
Net proceeds will go toward commercial activities for Stemline Therapeutics' blood disease treatment Elzonris. The New York-based cancer drug developer will also use funds on clinical trials, including those for additional indications of Elzonris, research and development activities, potential acquisitions and in-licensing, as well as other general corporate purposes.
J.P. Morgan Securities LLC and Cowen and Co. LLC are acting as joint book-running managers for the offering, with Cantor Fitzgerald & Co., Ladenburg Thalmann & Co. Inc. and H.C. Wainwright & Co. LLC as co-lead managers. Roth Capital Partners LLC, ThinkEquity, a division of Fordham Financial Management Inc., A.G.P./Alliance Global Partners, National Securities Corp. and Aegis Capital Corp. are acting as co-managers.