WEST LAFAYETTE, Ind., Aug. 2, 2011 (GLOBE NEWSWIRE) -- Endocyte, Inc. (Nasdaq:ECYT), a biopharmaceutical company developing targeted small molecule drug conjugates (SMDCs) and companion imaging diagnostics for personalized therapy, announced today the closing of the underwritten public offering of 6,681,420 shares of its common stock at $12.26 per share. Of the total shares in the offering, 5,839,810 shares were sold by Endocyte, which includes the exercise in full by the underwriters of their option to purchase up to 871,489 additional shares at the public offering price, less underwriting discounts and commissions, and the remaining 841,610 shares were sold by an existing institutional shareholder. Endocyte expects to receive net proceeds of approximately $66.8 million from the offering after deducting underwriting discounts and commissions and other offering expenses.
RBC Capital Markets, LLC and Leerink Swann LLC acted as joint book-running managers, and Cowen and Company, LLC and Wedbush PacGrow Life Sciences acted as co-managers for the offering.
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (SEC). This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
This offering was made only by means of a prospectus. Copies of the prospectus for this offering may be obtained from the prospectus department of RBC Capital Markets, LLC, Attention: Equity Syndicate, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281, or by telephone at (877) 822-4089, or from Leerink Swann LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525, ext. 4814. The registration statement may be accessed through the SEC's website at http://www.sec.gov.
About Endocyte
Endocyte is a biopharmaceutical company developing targeted therapies for the treatment of cancer and inflammatory diseases. Endocyte uses its proprietary technology to create novel SMDCs and companion imaging diagnostics for personalized targeted therapies. The company's SMDCs actively target receptors that are over-expressed on diseased cells, relative to healthy cells. This targeted approach is designed to enable the treatment of patients with highly active drugs at greater doses, delivered more frequently, and over longer periods of time than would be possible with the untargeted drug alone. The companion imaging diagnostics are designed to identify patients whose disease over-expresses the target of the therapy and who are therefore more likely to benefit from treatment.