SeaGen Tacks on $23M

Luke Timmerman2/3/11

Seattle Genetics said today that its underwriters have exercised their options to purchase another 1.5 million shares at $15.50 apiece, which they were entitled to as part of a financing announced yesterday. The underwriter purchases mean the company has raised another $23 million, bringing the total of the new financing to $178 million. Seattle Genetics (NASDAQ: SGEN) is ramping up marketing and manufacturing this year as it seeks FDA approval for its first drug.

Luke Timmerman is the National Biotech Editor of Xconomy. E-mail him at ltimmerman@xconomy.com Follow @