Allos Therapeutics Prices And Expands Share Offer

WESTMINSTER, Colo. (AP) — Biopharmaceutical company Allos Therapeutics Inc. said Wednesday it is expanding a share offering, and will sell 14 million shares for $7.10 per share.

Monday, Allos proposed a sale of as many as 12.65 million shares. The company did not say why it increased the size of the planned offer.

The company expects to raise $99.4 million from the sale, excluding discounts and expenses. Allos said the underwriters of the offering will have the option to buy as many as 2.1 million additional shares to cover over allotments. The sale is expected to close Tuesday.

The proceeds will be used to fund marketing, research and development of Allos' cancer treatment Folotyn. The Food and Drug Administration approved Folotyn on Sept. 25 as a treatment for peripheral T-cell lymphoma, and Allos expects to start selling Folotyn later this month.

Allos shares closed Tuesday at $7.31, making the offer price a 2.9 percent discount. In morning trading, the shares gave up 6 cents, to $7.25.