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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEndocyte Inc., a West Lafayette-based biopharmaceutical company developing new cancer therapies, has raised $189 million after expenses through a public stock offering—its second of the year.
The company said in September it closed on an offering of 10.8 million shares, including the full exercise of underwriters’ options. The shares were priced at $18.50.
Endocyte said it intends to use the funds to continue clinical development of its pipeline products and prepare for the commercial launch of PSMA-617, a late-stage compound for prostate cancer. Endocyte bought the worldwide licensing rights to the drug last year from German chemical company ABX GmbH.
In March, Endocyte raised $81 million through a public offering at $4.20 a share.
Endocyte, which went public in 2011, had worked for more than 20 years to develop its own cancer drugs but suffered numerous setbacks along the way. It said last year it would pause from trying to build its own pipeline and would focus on developing PSMA-617.•
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