Stemline Therapeutics, Inc. (Nasdaq:STML), a clinical-stage biopharmaceutical company developing oncology therapeutics that target both cancer stem cells (CSCs) and tumor bulk, today announced the pricing of an underwritten public offering of 4,137,931 shares of its common stock at a public offering price of $14.50 per share. Stemline has granted the underwriters a 30-day option to purchase up to 620,689 additional shares of common stock from Stemline. The gross proceeds to Stemline from the public offering are expected to be $60.0 million, before underwriting discounts and commissions and other estimated offering expenses. Stemline intends to use the net proceeds from the public offering to fund the clinical development of SL-401 and SL-701 and other general corporate purposes.
Stemline Therapeutics is a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing and commercializing proprietary therapeutics that target both cancer stem cells, or CSCs, and tumor bulk. Among the therapeutic candidates in Co.'s portfolio, Co. is developing two clinical-stage product candidates, SL-401 and SL-701, for which Co. holds global marketing rights. The indications for SL-401, a biologic targeted therapy, are blastic plasmacytoid dendritic cell neoplasm, a rare hematologic cancer, and acute myeloid leukemia. The indications for SL-701, a therapeutic cancer vaccine comprised of synthetic peptides, are pediatric and adult brain cancer.
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