Raises causing drops on Friday Print E-mail
By Staff and Wire Reports   
Friday, 08 April 2011 07:21
Shares of Sangamo BioSciences and Idenix Pharmaceuticals Inc. sank Friday in pre-market trading, after the biotechs said they will sell shares in a public offerings.

Sangamo BioSciences Inc. sank after the biotechnology company said it will sell 6.7 million shares in a public offering. The Richmond, Calif., company announced the offering Thursday after financial markets closed. Barclays Capital is the sole book-running manager, and Sangamo will give the underwriter a 30-day option to purchase more than 1 million additional shares.

Sangamo is testing a potential treatment for diabetic neuropathy that was developed with the company's zinc finger protein technology, which is aimed at turning off parts of genes. It also is running some early-stage clinical trials to evaluate the safety and effectiveness of a potential treatment for AIDS.

Company shares shed 54 cents, or 6.4 percent, in premarket trading, to $7.82.

Shares of Idenix Pharmaceuticals Inc. skidded in pre-market trading Friday after the company said it plans to sell stock to the public and to Novartis AG, its largest shareholder.

In a filing with the Securities and Exchange Commission, Idenix registered an undisclosed number of shares with a maximum combined value of $9.8 million. The company said Thursday that it would sell $5 million in shares to Novartis and sell other shares to the public. It has not priced the offering.

The Cambridge, Mass., company had 73.1 million shares on the market as of Feb. 15.

The stock fell 26 cents, or 8 percent, to $2.98 in pre-market trading. Idenix shares have traded between $2.57 and $6.11 in the last year.




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