Seattle Genetics Raises $55M

Luke Timmerman1/28/09

Seattle Genetics, the Bothell, WA-based developer of cancer drugs, said today it has raised $55.8 million by selling 5.74 million new shares of stock. The company also agreed to sell another 1.17 million shares to Baker Brothers Life Sciences, its largest stockholder, at the same price, which would generate another $11.5 million if approved by other shareholders. The company has been on a roll with its “empowered antibody,” SGN-35, which has shown promising results for patients with Hodgkin’s disease and related lymphomas.

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.