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Infinity to raise $77m from stock offer in wake of layoffs

 
• By Mandy Jackson

Infinity Pharmaceuticals priced a 5.3 million-share common stock offering at $14.50 per share on 9 August for gross proceeds of $76.9 million to fund research and development for its two lead product candidates and other expenses two days after it announced a 20% work force reduction at its Cambridge, Massachusetts headquarters (scripintelligence.com, 9 August 2012).

Infinity Pharmaceuticals priced a 5.3 million-share common stock offering at $14.50 per share on 9 August for gross proceeds of $76.9 million to fund research and development for its two lead product candidates and other expenses two days after it announced a 20% work force reduction at its Cambridge, Massachusetts headquarters (scripintelligence.com, 9 August 2012).

While investors generally respond to offerings at a discount to the stock's current trading price by sending the company's share price lower, Infinity's stock traded 4.9% higher on 9 August,...

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