Scios has announced the completion of its public offering of just over5.7 million shares of its common stock, including a 750,000 share over-allotment exercised by underwriters JP Morgan, Lehman Brothers and SG Cowen Securities Corp.
Net proceeds were approximately $114 million, and the firm said that the funds will be used for capital expenditures and costs associated with Natrecor (nesiritide) for the treatment of patients with acute congestive heart failure, which recently received a unanimous vote of support from the US Food and Drug Administration's Cardiovascular and Renal Drugs Advisory Committee (Marketletter June 4).
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