InterMune Inc. priced a public offering of 3 million shares at $37 per share, raising $111 million.
The Brisbane, Calif.-based company filed a shelf registration statement late last year to offer up to $150 million in stock. Early this month InterMune proposed selling 2.5 million shares from the shelf registration when its stock was trading at $36.31.
The company plans to use proceeds to acquire and develop new products. It has about $400 million in cash after the financing.
InterMune’s stock (NASDAQ:ITMN) fell $1.66 Friday to close at $35.49.
InterMune released earnings Feb. 12, reporting that for the year ended Dec. 31, 2001, it had a pro forma net loss of $61.8 million compared to a net loss of $52.3 million for the same period in 2000. Including one-time charges, the net loss for the year ended Dec. 31 was $118.2 million.
There were 27.7 million shares outstanding on a pro forma basis as of Dec. 31.
In early February, the company began enrolling patients in a Phase III trial to test its drug Actimmune in ovarian cancer. Actimmune already is marketed in the U.S. for chronic granulomatous disease and severe, malignant osteopetrosis. Planned or under way are multiple Phase II and Phase III trials of Actimmune in conditions including idiopathic pulmonary fibrosis, cryptococcal meningitis, cystic fibrosis and atypical mycobacterial infections.
InterMune also markets Amphotec, an FDA-approved lipid-complexed form of amphotericin B indicated for the treatment of invasive aspergillosis, a life-threatening fungal infection.
The company also has the drug Infergen, which it licensed from Amgen Inc., of Thousand Oaks, Calif., in June, approved by the FDA for hepatitis C infection.