U.S. Stemline Therapeutics to land $80 mln in underwritten public offering

U.S.-based commercial-stage biopharmaceutical company Stemline Therapeutics Inc. intends to land $80 million in an underwritten public offering.

Stemline Therapeutics offered to sell 8.9 million units of its common stock at a price of $9 per unit, upsized from the previously announced 6.6 million units.

With the net profits, Stemline will enhance its commercial activities of tagraxofusp, research and development activities, potential acquisitions and in-licensing as well as other general corporate purposes.

In addition, the underwriters have been granted a 30-day option to buy up to 1.3 million additional units. Subjected to customary closing conditions, the move is expected to close on January 18, 2019.