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Pharmacopeia to Sell 7M Shares of Common Stock

Jessica Perry//May 2, 2007

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Pharmacopeia to Sell 7M Shares of Common Stock

Pharmacopeia to Sell 7M Shares of Common Stock

Jessica Perry//May 2, 2007

Pharmacopeia says a portion of the proceeds will be used for clinical trials.Pharmacopeia (Nasdaq: PCOP) today said that it plans to sell 7 million shares of its common stock. The Princeton-based developer of novel small-molecule therapeutics priced the public offering at $5 per share, before underwriting discounts and commissions. Net proceeds from the offering are expected to be around $32.2 million, which will be used for expenditures related to clinical trials for the company’s PS433540 product candidate, internal program portfolio development and other general corporate purposes, says the company. The offering is expected to close on May 4.

CIBC World Markets Corp. is acting as the sole book-running manager in the offering, with Canaccord Adams and Merriman Curhan Ford & Co. acting as co-managers.

Pharmacopeia has granted underwriters a 30-day option to purchase up to an additional 1,050,000 shares of common stock. Its shares traded at $5.17 this morning on the Nasdaq exchange.

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