Lexicon to Raise Nearly $40M Financing
Oct 23, 2006
NEW YORK (GenomeWeb News) - Lexicon Genetics today said it has entered into agreements with unspecified investors to purchase up to 10,582,011 shares of its stock.
The Woodlands, Texas-based biopharmaceutical company said "select institutional investors" agreed to purchase the stock at a price of $3.78 per share, and that it expects net proceeds of up to $37.5 million.
The agents for the placement were Banc of America Securities and Lazard Capital Markets.
Lexicon studies gene function and behavior to help in the development of
small molecule, antibody, and protein drugs.