Boston, MA, 03/13/2014 – TG Therapeutics Inc (NASDAQ:TGTX), a clinical stage biopharmaceutical company which develops therapies to treat cancer, surged as much as 17% after reporting sale of common stock to a single institutional investor after the trading closed in New York yesterday.
As per the press release issued by the company, it sold as many as 2,702,809 shares of common stock to JPMorgan Asset Management’s global Healthcare Fund. The shares were priced at $6.71 each. The gross proceeds obtained from the underwritten sale are close to $18.1 million. The company seeks to use the generated fund on the clinical development of TG-1101and TGR-1202.
Employing The Proceeds
The first one that is TG-1101, also called ublituximab, is a monoclonal antibody aimed at treating B cell proliferative diseases. It is a novel, glycoengineered antibody which targets a unique and specific epitope on the CD20 antigen which is generally found on fully grown B lymphocytes. The second one that is TGR-1202 is a PI3K delta inhibitor which targets single agent heme malignancies. It will be available for oral use. The delata isoform of PI3K is significantly expressed in cells of hematopoietic origin and is considered to be vital in the proliferation and survival of B lymphocytes. Both of these are in clinical development for patients with hematological malignancies. Apart from these two clinical developments, TG Therapeutics would use the funds for further general corporate purposes related to the company. The offering is estimated to be completed before or on March 17.
At The 26th Annual ROTH Conference
Headquartered in New York, TG Therapeutics Inc (NASDAQ:TGTX) was also present at the 26th Annual ROTH Conference which was held at the Ritz Carlton Hotel in Dana Point, California. In the Conference, the company’s Interim Chief Executive Officer, Michael Weiss had demonstrated a presentation in the pre afternoon session, which can be assessed at the Events page of the company’s website www.tgtherapeutics.com.