BOTHELL, Wash.--(BUSINESS WIRE)--March 30, 2006--Seattle Genetics, Inc. (Nasdaq:SGEN) today announced that the net proceeds to the company from its offering of 7,300,000 shares of common stock will be approximately $37.2 million. Banc of America Securities LLC and CIBC World Markets Corp. are acting as joint book-running managers for the offering. The company expects the closing of the offering to occur on or about April 3, 2006. Seattle Genetics intends to use the net proceeds from this offering to fund clinical and preclinical development of its existing product candidates, manufacturing of clinical-grade materials and for other research and development initiatives. All of the shares in the offering are being sold by Seattle Genetics.
