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SMALL BUSINESS
Affymax plans to offer 2.5M shares of stock
AP
NEW YORK -Biotechnology company Affymax Inc. said late Wednesday it plans to sell 2.5 million new shares of stock in a public offering.
The underwriters of the offering will have the option to buy another 375,000 shares to cover overallotments, the company said.
Affymax had 19.1 million shares on the market as of Sept. 30. If all 2.9 million shares are sold, that would increase the company's share count by about 15 percent.
Cowen and Co. and Lazard Capital Markets will be the joint book-runners for the offering, and RBC Capital markets and Robert W. Baird & Co. are co-managers.
Affymax shares closed at $19.89 on Wednesday. In premarket trading Thursday, they fell $1.34, or 6.2 percent, to $18.65. The stock has ranged from $8.52 to $25.15 over the past year.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-19 09:03:56
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