Progenics Pharma Prices $35 Mln Stock Offering

(RTTNews) - Progenics Pharmaceuticals, Inc. (PGNX) said Friday that it has priced an underwritten public offering of 7,608,696 primary shares of its common stock at a public offering price of $4.60 per share.

The gross proceeds from the sale of the shares, before underwriting discounts and commissions and other offering expenses, are expected to be about $35 million.

The offering is expected to close on or about February 26.

Progenics has also granted the underwriters a 30-day option to purchase 1,141,304 additional shares of common stock.

The company plans to use the net proceeds from the offering for research and development and general corporate purposes.