Epizyme said it priced an underwritten public offering of 56.7 million shares of its common stock at a price to the public of $1.50 per share, before underwriting discounts.
In addition, Epizyme has granted the underwriters a 30-day option to purchase up to an additional 8,500,000 shares of common stock at the public offering price, less the underwriting discount. All of the shares in the offering are to be sold by Epizyme.
Epizyme, which one had been trading as high as $24.60 at the end of 2019, has seen a steady decline in its shares.
Epizyme expects to use the net proceeds from the offering, together with its existing cash, to fund global development and commercialization costs of tazemetostat outside of Japan, including the costs of conducting the company’s ongoing and planned clinical trials of tazemetostat, including the confirmatory phase 1b/3 trials in epithelioid sarcoma and follicular lymphoma, as well as other studies.
The shares are being sold by Epizyme pursuant to a shelf registration.
Author: Rare Daily Staff
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