NeoTherapeutics to Sell $50 Million in Securities
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NeoTherapeutics Inc. filed a shelf registration statement with the Securities and Exchange Commission to issue up to $50 million of debt securities, stock, depositary shares or warrants.
The Irvine biopharmaceutical company said Tuesday the filing allows it “speed and flexibility” when market conditions are attractive. A shelf filing lets the company register securities in advance and sell them from time to time as needed.
The company said these securities may be issued in 2001, when the market recognizes developments in its Neotrofin nerve regeneration product and in the development of in-license anti-cancer drugs at its NeoOncoRx cancer therapy unit.
As of Dec. 29, NeoTherapeutics had about 13.3 million common shares outstanding.
In 1999, the company had a loss of $26 million, or $3.66 a share, including a charge.
The stock hit a 52-week low of $3.19 before rallying a bit to close at $3.38 a share, off 75 cents, or 18%, in Nasdaq trading.
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