SIGA Technologies sells $20 million in stock

AP News
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Posted: Dec 10, 2009 3:31 PM

Biotechnology company SIGA Technologies Inc. said Thursday it sold $20 million in common stock to investors, at a discount.

The company sold more than 2.7 million common shares at $7.35 each, marking a 15.1 percent discount to Wednesday's closing price of $8.66.

SIGA, which has about 38.3 million shares of common stock outstanding, said it will use the $18.6 million in net proceeds for general corporate purposes.

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Shares fell $1.36, or 15.7 percent, to $7.30 in afternoon trading.

RBC Capital Markets served as the lead placement agent and Cowen and Company LLC acted as co-agent of the offering.