Infinity Proposes Stock Offering
Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) today announced that it has commenced an underwritten public offering of shares of its common stock. All of the shares in the offering are to be sold by Infinity.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for the proposed offering. Infinity intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the amount sold to cover over-allotments, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Infinity anticipates using the net proceeds from the offering for research and development expenditures (including costs associated with the continuing clinical development of its product candidates IPI-145 and retaspimycin HCl), as well as for working capital, capital expenditures, potential acquisitions of new businesses, technologies or products that the company believes have the potential to complement or expand its business, and other general corporate purposes.
About Infinity Pharmaceuticals, Inc.
Infinity is an innovative drug discovery and development company seeking to discover, develop and deliver to patients best-in-class medicines for diseases with significant unmet need. Infinity combines proven scientific expertise with a passion for developing novel small molecule drugs that target emerging disease pathways. Infinity’s programs focused on the inhibition of phosphoinositide-3-kinase, heat shock protein 90 and fatty acid amide hydrolase are evidence of its innovative approach to drug discovery and development.
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