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ap

Sangamo closes stock sale, raising $20.9M

Sangamo BioSciences says it completed sale of 3 million shares, raising $20.9M after expenses

  • On 12:46 pm EDT, Tuesday October 13, 2009

RICHMOND, Calif. (AP) -- Sangamo BioSciences Inc. said Tuesday it raised $20.9 million by selling 3 million shares of stock at $7.20 per share.

Sangamo said it will use the money to fund research and development of its zinc finger protein drug candidates and for other general corporate purposes. The underwriters of its offer will have the option to buy another 450,000 shares over the next 30 days to cover over allotments.

The $20.9 million total includes underwriting discounts and other expenses related to the offering. The company announced the stock sale on Oct. 7.

In afternoon trading, Sangamo shares picked up 6 cents to $7.15.

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