NEW YORK, July 30 – Exelixis of South San Francisco, Calif., has filed a shelf registration with the Securities and Exchange Commission to offer up to $150 million in common stock.
The company said it was considering raising additional funds to help support the development of cancer drug rebeccamycin, which it recently acquired from Bristol-Myers Squibb, as well as for other drug discovery and corporate activities.
Exelixis recently announced initiatives to expand its activities in two major disease areas: metabolic disorders and cancer. Last week the company said it was expanding its internal drug discovery efforts into metabolic diseases, including cardiovascular disease, diabetes, and obesity.
That announcement came one week after Exelixis announced a major push into oncology via the formation of a partnership with Bristol-Myers Squibb to identify genes associated with tumor suppression using its invertebrate and vertebrate gene knockout models.
Companies generally file shelf registrations when market conditions are poor. By filing the statement, a company lays the groundwork for issuing shares so that it can act quickly to raise fresh funds as soon as market conditions become more favorable.