|XenoPort to sell 2.5 million shares|
|By Staff and Wire Reports|
|Tuesday, 07 July 2009 15:43|
Biopharmaceutical company XenoPort Inc. on Tuesday said it will sell 2.5 million shares of its common stock, increasing the number of outstanding shares by more than 9 percent. The proceeds will go to fund research and development of its drug candidates, possible sales and marketing activities and for general corporate purposes, the company said in a regulatory filing.
XenoPort also intends to grant the underwriters a 30-day option to purchase up to 375,000 additional shares to cover over-allotments, if any.
Morgan Stanley and Goldman Sachs are acting as joint book-runners for the offering.
XenoPort shares closed the regular trading session down 69 cents, or 3.1 percent, at $21.50, then lost another $2, or 9.30, to $19.50 in aftermarket electronic trading, after the offering was announced.