Antigenics sells $10m stock in private placement

Associated Press

Lexington biotechnology company Antigenics Inc. said in a press release that it sold 5 million shares of stock at $2 per share in a private placement for proceeds of $10 million.

The company said the buyer of the shares also received warrants to buy as many as 2.5 million shares over the next six months at $2 per share, and warrants to buy up to 2.2 million shares at $2.30 per share over the next four years. The deal is expected to close by Monday.

Antigenics said it will use the proceeds from the sale to fund commercial and regulatory efforts, including sales of its cancer drug Oncophage in Russia, Europe, and elsewhere.

The company's stock closed at $2.38 on Thursday.