TG Tumbles on Public Offering - InvestingChannel

TG Tumbles on Public Offering

TG Therapeutics Inc (NASDAQ:TGTX) reported a proposed public offering of six million shares of common stock.

The New York-based TG, a biopharmaceutical company developing medicines for patients with B-cell mediated diseases Thursday announced the pricing of an underwritten public offering of 8,500,000 shares of common stock at a public offering price of $18.00 per share.

Gross proceeds to the company from the offering are expected to be $153,000,000 before deducting underwriting discounts and commissions and estimated offering expenses payable by the company.

In addition, TGTX has granted the underwriters a 30-day option to purchase up to an additional 1,275,000 shares of common stock in connection with the offering. All shares are being sold by the company.

The offering is expected to close on May 19, subject to the satisfaction of customary closing conditions. The offering was upsized from the previously announced offering size of approximately 6,000,000 shares of common stock.

TG anticipates using net proceeds from the offering to fund the continued development of ublituximab and umbralisib, the potential in-license, acquisition, development and commercialization of other pharmaceutical products, and for general corporate purposes

The company is focused on the acquisition, development and commercialization of novel treatments for B-cell malignancies and autoimmune diseases. Currently, the company is developing multiple therapies targeting hematological malignancies and autoimmune diseases.

TG shares fell $1.11, or 5.6%, to $18.82.