Prolor Biotech Inc. (AMEX: PBTH; TASE: PBTH) raised a gross $37.4 million and net $35 million in a secondary offering on the American Stock Exchange yesterday. The company issued 7,475,000 shares at $5 per share, including 975,000 shares issued to the underwriters as an over-allotment option, which was exercised in full.
Prolor plans to use the net proceeds for general corporate purposes, including R&D, the financing of clinical trials, capital expenditures, working capital, and general and administrative expenses. It may also use some of the proceeds to acquire or invest in complementary businesses, products, and technologies
Jefferies & Company Inc. was the chief underwriter and Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. were the co-managers.
Prolor's share price was unchanged at NIS 20.34 in morning trading on the TASE today, after rising 0.6% on the AMEX yesterday to $5.20, giving a market cap of $288 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2012
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