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Amicus closes $18.5 million stock offering

Tue, 03/02/2010 - 10:17am
The Associated Press

Amicus Therapeutics Inc. said Tuesday it closed an $18.5 million registered direct offering of common stock.

The company offered just under 5 million common shares and warrants to buy just under 1.9 million shares to institutional investors.

The shares of common stock and warrants were offered in units consisting of one common share and one warrant to buy 0.375 shares of common stock at a price of $3.74 per unit. The warrants have a term of four years and are exercisable any time on or after the six month anniversary of the date they are issued, at an exercise price of $4.43 per share.

The company said it received net proceeds of about $17.1 million. It will use funds to pay for general corporate purposes and to develop its lead drug candidate Amigal. The drug candidate is aimed at treating Fabry disease, a disorder in which the body lacks the ability to store some fats.

Leerink Swann LLC served as sole placement agent for the offering.

Shares of Amicus rose 2 cents to $3.42 in afternoon trading.

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