Coronado Biosciences to Sell Common Stock in ATM Offering

Coronado Biosciences

, 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.