Seattle Genetics Announces Closing of Common Stock Sale
Posted on: Thursday, 25 May 2006, 09:01 CDT
Seattle Genetics, Inc. (Nasdaq:SGEN) today announced closing of the sale of 1,129,015 shares of common stock to investment funds affiliated with Baker Brothers Investments (BBI) at a price of $5.25 per share, for proceeds of $5.9 million. This sale, which was subject to stockholder approval, was made pursuant to a stock purchase agreement between BBI and Seattle Genetics in connection with the company's public offering of common stock completed in April 2006. Net proceeds from both offerings combined are approximately $43.1 million. Stockholders approved the issuance to BBI at the company's annual meeting held on May 19, 2006.
In addition, stockholders approved all other proposals during the annual meeting, including the election of Clay B. Siegall, Ph.D., Daniel Hoth, M.D., and Felix Baker, Ph.D., as directors to hold office until the 2009 annual meeting of stockholders, as well as ratification of the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for fiscal year 2006.
About Seattle Genetics
Seattle Genetics is a biotechnology company focused on the development of monoclonal antibody-based therapies for the treatment of cancer and immunologic diseases. The company is conducting multiple clinical trials of its three lead product candidates, SGN-30, SGN-40 and SGN-33, and preclinical development of several late-stage programs, including SGN-35. In addition, Seattle Genetics has developed proprietary antibody-drug conjugate (ADC) technology comprised of highly potent synthetic drugs and stable linkers for attaching the drugs to monoclonal antibodies. The company currently has license agreements for its ADC technology with a number of leading biotechnology and pharmaceutical companies, including Genentech, Bayer, CuraGen and MedImmune. More information about Seattle Genetics' pipeline and technologies can be found at www.seattlegenetics.com.
Source: Business Wire
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