Synta Nabs $25M in Stock Deal

Luke Timmerman1/8/10

Synta Pharmaceuticals, the Lexington, MA-based developer of cancer drugs, said today it has raised $25 million in a stock offering. The company (NASDAQ: SNTA) sold 5.5 million shares at $4.50 apiece—about a 17.6 percent discount from yesterday’s closing price of $5.46. Lazard Capital Markets led the offering and RBC Capital Markets served as a co-manager. The company had $51.7 million in cash and investments at the end of September, according to its most recent financial report.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.