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news.Momenta Pharmaceuticals, a biotechnology company, has received commitments from selected investors to purchase 2.8 million shares of its common stock at a purchase price of $9 per share, for gross proceeds of approximately $25.2 million.
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Momenta estimates that net proceeds from the offering will be approximately $24.1 million, after deducting placement agent fees and estimated offering expenses.
Momenta currently intends to use the net proceeds from this offering for general corporate and working capital purposes, including R&D expenses, manufacturing expenses, clinical trial costs, general and administrative expenses, and potential acquisitions of, or investments in, companies, products and technologies that complement its business.
The closing of the offering is expected to take place on December 16, 2008, subject to customary closing conditions. Leerink Swann served as the sole placement agent for the offering.