Blueprint Medicines shares were down almost 3% pre-market Wednesday after the biopharmaceutical company said it launched an underwritten public offering of $150 million in shares of its common stock. The company expects to grant the underwriters a 30-day option to purchase up to an additional of $22.5 million in shares of its common stock in connection with the public offering. All shares of common stock will be offered by Blueprint Medicines.
Blueprint said it will use the net proceeds to fund clinical trials for BLU-285 in GIST and SM, clinical trials for BLU-554 in HCC, and to fund the completion of its current phase 1 clinical trial for BLU-667 in non-small cell lung cancer, medullary thyroid cancer and other advanced solid tumors. It said it will also use the proceeds to initiate additional clinical trials for BLU-667 in RET-driven cancers, and will use the balance, if any, to fund working capital, and other general corporate purposes.