Tuesday, March 8, 2011

Exelixis stock sale would net $138.8 million

Exelixis Inc.’s working capital deficit was $16.4 million at the end of 2010, the company said in a Securities and Exchange Commission filing Monday, but would be pushed to an estimated positive $122.4 million after a proposed offering of shares.
The South San Francisco biotech cancer drug developer (NASDAQ: EXEL) said in its SEC filing that the sale of 12.5 million shares at $11.75 per share would net $138.8 million. That is just an estimate, however, and does not include the sale of an additional 1,875,000 shares to underwriters of the offering.

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