Ilex Oncology

(ILXO)

was lower in the premarket after the company priced a 5 million share public offering.

The San Antonio drug development company's shares were priced at $24 each through underwriters led by CIBC, UBS Warburg and U.S. Bancorp. Ilex plans to use the $112 million net proceeds to expand clinical trials and for preclinical research.

On Instinet, the company's shares were recently down 74 cents, or 3%, to $24.25.