August 13, 2018

Hopkinton biopharmaceutical Spring Bank hopes to raise $37.5M


Hopkinton-based Spring Bank Pharmaceuticals wants to raise $37.5 million to fund clinical trials, studies and research and other corporate purposes.

Spring Bank is developing a variety of drugs to target and control specific proteins involved in various disease states, including hepatitis B and various cancers.

The offering, expected to close Monday, is for 3 million of the company's shares at $12.50 a piece. Underwriters are granted a 30-day option to purchase up to an additional 450,000 shares of common stock at that same price.

As of Monday, the company's market valuation was $194.2 million. The company's stock opened Monday trading at $12 after ending Wednesday - when the offering was announced - at $14.13.

Investment banks Jefferies and Piper Jaffray are acting as joint book-running managers for the offering.

The company said it now has almost 16.2 million shares outstanding after the offering.


Type your comment here:

Today's Poll What portion of your income goes to housing costs compared to a decade ago?<>
Most Popular on Facebook
Copyright 2017 New England Business Media