Shares of Santa Monica cancer drug developer Kite Pharma Inc. were up Tuesday after the company announced it plans to sell up to $250 million worth of common stock.
The underwriters will have a 30-day option to buy up to an additional $37.5 million worth of shares of common stock at the public offering price.
Kite plans to use the proceeds for its lead product candidate, KTE-C19, according to a SEC filing. The KTE-C19 drug, if approved, will be used to treat patients with aggressive non-Hodgkin lymphoma.
The company also plans to use the proceeds to fund research, begin initiating clinical trials in Europe and fund working capital.
Kite shares closed the day up 5 percent, to $74.85. Kite has a market capitalization of about $3.3 billion.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Kite Pharma Stock Surges After Cancer Study Announcement
- Kite Pharma Asserts Innocence in Drug Trial Death
- Kite Signs Lease in El Segundo
- Drug Developer Turns Page With Published Trial
- Kite Pharma Opens Manufacturing Plant in El Segundo
- Health Net, Kite Pharma Among This Week’s Movers
- Macerich, Kite Pharma Among Week’s Big Gainers
- Kite Finds Partner for Cancer Treatment Research