HAYWARD, Calif., April 4 /PRNewswire-FirstCall/ -- Kosan Biosciences Incorporated today announced the closing of its public offering of 5,100,000 shares of common stock, including 100,000 shares issued upon exercise of an option granted to the underwriters to cover over-allotments, at a public offering price of $5.00 per share. The aggregate net proceeds of the offering, including the shares issued upon exercise of the over-allotment option, are approximately $24.2 million (after payment of underwriting discounts and commissions, but excluding estimated offering expenses).
Credit Suisse Securities (USA) LLC acted as sole bookrunner and Cowen & Co., LLC acted as co-lead manager of the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities. A prospectus supplement and the accompanying prospectus relating to these securities is on file with the Securities and Exchange Commission. Copies of the prospectus supplement and the accompanying prospectus can be obtained from Credit Suisse Securities (USA) LLC, One Madison Avenue, New York, New York, 10010 (Telephone number 212-325-2580) and Cowen & Co., LLC, Prospectus Department at ADP, 1155 Long Island Avenue, Edgewood, New York, New York, 11717 (Facsimile Number 631-254-7268).
About Kosan
Kosan Biosciences is a biotechnology company advancing two new classes of anticancer agents through clinical development. Its heat shock protein 90, or Hsp90, inhibitor, KOS-953, is in Phase I and II clinical trials, primarily for multiple myeloma and HER2 positive breast cancer. KOS-953 is Kosan’s proprietary formulation of 17-AAG, a geldanamycin analog. In addition, intravenous and oral formulations of its second-generation Hsp90 inhibitor, KOS-1022, are currently in Phase I clinical trials. These compounds have a novel mechanism of action targeting multiple pathways involved in cancer cell growth and survival.
Kosan is also developing KOS-862 in Phase II clinical trials in breast cancer. KOS-862 is an epothilone with a mechanism of action similar to taxanes, one of the most successful classes of anti-tumor agents. Its follow- on epothilone, KOS-1584, is in Phase I clinical trials. Its epothilone program is partnered with Hoffmann-La Roche, Inc. and F. Hoffmann-La Roche Ltd., collectively Roche, through a global development and commercialization agreement.
Kosan Biosciences Incorporated
CONTACT: Robert G. Johnson, Jr., M.D., Ph.D., Chief Executive Officer ofKosan Biosciences Incorporated, +1-510-732-8400, ext. 5243, orjohnson@kosan.com
Web site: http://www.kosan.com/
