Agios Pharmaceuticals Inc. revealed its projected terms of the company's initial public offering to enhance its capital.
The net proceeds is to be used in funding the biopharmaceutical company's research and development of early-stage cancer treatment methods. Agios said it plans to use the capital raised and proceeds from the initial public offering to finance phase 1 specialized clinical development of cancer treatment. The funds will also be used in the research and development of other products and solutions and for several other general corporate requirements.
In the official documents filed to the Securities and Exchange Commission, the company plans to make available five million shares in an projected range of US$14 to US$16 per share. Agios, in June, initially filed plans to raise up to US$86 million in common stock.
Agios had around US$115 million in cash equivalents, marketable securities, and liquid cash as of its last quarterly report that ended March 31.
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