Duke spinout Regado files to raise up to $69M in new offering

Print 05 April 2014
Jason deBruyn, Triangle Business Journal

Duke University spinout Regado Biosciences has filed notice to sell new shares on the open market.

Regado (Nasdaq: RGDO) listed a proposed maximum offering amount of $69 million, though that figure is only to calculate a registration fee with the U.S. Securities and Exchange Commission. The company’s share price fell more than 10 percent on Thursday to close at $11.44.

More specific terms for the offering have not been announced, including how many shares would be sold and at what price Regado would try to sell them. Regado also gave preliminary financial information saying it had cash, cash equivalents and short-term investments of nearly $35 million as of March 31.

Separately, existing shareholders filed that they could sell as many as 4 million shares. Regado had 23.3 million shares of common stock outstanding on March 31, though that excludes 4 million shares issuable as stock options. Those shares have a weighted average exercise price of $5.40 per share.

Regado, which is now based in Basking Ridge, N.J., is developing drugs in the cardiovascular therapeutic area. It announced on Wednesday that it enrolled more than 1,000 patients in a Phase 3 trial to test its leading drug under development, simply called REG1 for now. This development program was recently granted "fast track" designation by the U.S. Food and Drug Administration.

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