August 8, 2019 10:30am

Shares closed down -$1.10 after a slowing grind down at the open

Offering pricing was set at $15.25 …

With a low float of only 29.71 M shares and a 52.78% institutional ownership; it should be an adequately priced deal. Small issue a short position (of float) of 12.11%


Stemline Therapeutics (STML) intends to offer 5 M shares of its common stock in an public offering. In addition, STML intends to grant the underwriters a 30-day option to purchase up to an additional 750 K shares of its common stock offered in the public offering.

With a low float of only 29.71 M shares and a 52.78% institutional ownership; it should be an adequately priced deal. Small issue a short position (of float) of 12.11%

 

J.P. Morgan Securities LLC is acting as book-running manager for the offering.

 

Stemline intends to use the net proceeds from this offering for  commercial activities of ELZONRIS® (tagraxofusp; SL-401), (ii) clinical trials for additional indications including CMML, MF, AML, and potentially other diseases such as certain lymphomas; clinical development of additional pipeline candidates (felezonexor (SL-801), SL-1001, SL-901 and SL-701); R&D and regulatory activities;  potential acquisitions and in-licensing; and the usual other G&A purposes.