Tercica sells 5M shares to raise $30M

California, USA-based biopharmaceutical group Tercica has said that it is selling five million shares of its common stock pursuant to an effective shelf registration statement. The firm expects the net proceeds to be approximately $30.0 million, after deducting underwriting discounts and commissions, but before the expenses of the offering.

Tercica also granted to the underwriter a 30-day option to buy up to an additional 750,000 shares. All of the stock in the offering is being sold by Tercica. Lehman Brothers is acting as sole underwriter for the offering, which is expected to close on or about January 27.

Tercica is focused on the development and commercialization of products to improve endocrine health and its lead product is Increlex, a recombinant human insulin-like growth factor, which is approved by the Food and Drug Administration for the long-term treatment of growth failure due to severe Primary IGFD.