MIAMI, Oct. 22, 2019 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ:OPK) today announced that, subject to market and other conditions, it intends to offer and sell up to $100 million of shares of its common stock (the “Shares”) in an underwritten public offering. The Company intends to grant the underwriters an option for a period of 30 days to purchase up to an additional 15% of the number of Shares to be issued and sold in the offering.
The Company intends to use the net proceeds received from the offering of the Shares to fund research and development to further develop and commercialize its portfolio of proprietary pharmaceutical and diagnostic products and for working capital, capital expenditures, acquisitions and other general corporate purposes.
Jefferies LLC, Piper Jaffray & Co. and Guggenheim Securities, LLC will act as joint book-running managers for the offering.
About OPKO Health
OPKO Health is a diversified healthcare company. In diagnostics, its BioReference Laboratories one of the nation's largest full-service clinical laboratories; GeneDx is a rapidly growing genetic testing business; the 4Kscore® prostate cancer test is used to confirm an elevated PSA to help decide about next steps such as prostate biopsy; Claros® 1 is a point-of-care diagnostics platform with a total PSA test approved by the FDA. In our pharmaceutical pipeline, RAYALDEE is our first pharmaceutical product to be marketed. OPK88003, a once-weekly oxyntomodulin for type 2 diabetes and obesity - reported positive data from a Phase 2 clinical trial. It’s among a new class of GLP-1/glucagon receptor dual agonists. OPK88004, a SARM (selective androgen receptor modulator) is currently being studied for various potential indications. The Company’s most advanced product utilizing its CTP technology, a once-weekly human growth hormone for injection, successfully met its primary endpoint and key secondary endpoints in a Phase 3 study and is partnered with Pfizer. OPKO also has research, development, production and distribution facilities abroad.
