Coronado Biosciences CNDO, a biopharmaceutical company focused on the development of
novel immunotherapy biologic agents for the treatment of autoimmune diseases
and cancer, announced today that it has sold through its at-the-market program
1,000,000 shares of its common stock to Jennison Associates LLC (on behalf of
fund clients) at yesterday's closing price of $10.12. MLV & Co., located in
New York City, acted as the sales agent for the sale. The net proceeds to the
Company from this at-the-market sale are approximately $9.9 million after
deducting commissions.
The Company also announced that, in addition to the sale to Jennison
Associates LLC, since March 13, 2013, it has sold an aggregate of 788,431
additional shares of its common stock under its at-the-market issuance program
managed by MLV & Co. for net proceeds of approximately $7.6 million. The
Company has sold an aggregate of 3,218,042 shares for net proceeds of
approximately $28.0 million under its at-the-market program.
The Company intends to use net proceeds from its at-the-market offering for
general corporate purposes, which may include research and development
expenditures, clinical trial expenditures, manufacture and supply of product
and working capital. Pending any specific application, the Company may
initially invest funds in short-term marketable securities or savings
accounts.
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