Shares of Dendreon (DNDN) are trading down some 7% pre-market after the company announced that it was going to offer $75 million in convertible senior subordinated notes that are due in 2014. The offering is being made under Rule 144A to qualified institutional buyers, so the securities will not be required to be registered until a reseale period.
The terms are still T.B.A. and are being negotiated, plus their is a $25 million overallotment option.
The Company intends to use the net proceeds of this offering to finance its activities relating to the potential commercialization of Provenge®, expand its manufacturing facilities for the commercial production of PROVENGE, fund ongoing and new clinical trials for PROVENGE and its other product candidates, support research and preclinical development activities for its other potential product candidates, and for general corporate purposes, including working capital.
This financial offering seems far sooner than the company had previously focused on. It never did give a formal date on "when it would raise cash" under its existing shelf filing with the SEC, but the body language signal out of the company would have led you to believe this was being set for much later in 2007.
Jon C. Ogg
June 4, 2007
Jon Oggcan be reached at [email protected]; he does not own securities in the companies he covers.
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
