Endocyte, Inc. Announces Closing of Initial Public Offering and Over-Allotment Option
2/9/2011 11:46:19 AM
WEST LAFAYETTE, Ind., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Endocyte, Inc., (Nasdaq:ECYT), a biopharmaceutical company developing targeted small molecule drug conjugates and companion imaging diagnostics for personalized therapy, announced today the closing of its initial public offering of 14,375,000 shares of common stock (including 1,875,000 shares of common stock pursuant to the exercise of the over-allotment option by the underwriters). The net proceeds to Endocyte from the initial public offering are $78.8 million. Endocyte intends to utilize these cash resources to fund its phase 3 clinical trial related to the use of EC145 and EC20 in platinum-resistant ovarian cancer and to move preclinical products forward in the development process.