Pacific Northwest ...
Dendreon said Monday that it plans to sell 10 million shares of common stock. The offering, under a shelf registration filed in August, would raise about $59 million before expenses if sold at Monday’s closing price.
The Seattle biotechnology company plans to file for approval of its experimental prostate-cancer therapy, Provenge, next year. Funds from the stock sale will be used primarily to support the Provenge application, and commercialization of the prostate-cancer therapy if it’s approved, a spokeswoman said.
The company had $121 million in cash and equivalents on Sept. 30. Total operating expenses through the first nine months of the year were $60.4 million.
Dendreon shares fell 23 cents, or 3.8 percent, to close Monday at $5.90. The stock offering was announced after the close of regular stock trading. In after-hours trading, shares fell an additional 38 cents, or 6.4 percent, to $5.52.
Potential buyers sign agreements
Shurgard Storage Centers — as part of its search for strategic alternatives, including a possible sale of the company — announced it has signed confidentiality agreements with several interested parties, including Public Storage, which previously made an unsolicited bid for the company.
An analyst said Monday’s announcement was further evidence that a sale of Shurgard is imminent.
In July, Glendale, Calif.-based Public Storage made a $2.49 billion stock bid for its smaller rival. After initially rebuffing the offer, Shurgard last month said it was exploring alternatives.
As part of the terms of the confidentiality agreement, Public Storage has agreed not to take certain actions involving an acquisition of Shurgard before April 27 without the company’s approval, Shurgard said. But the agreement does not restrict Public Storage’s ability to nominate candidates for Shurgard’s board at future shareholder meetings.
Biotech ends lease on corporate jet
Cell Therapeutics terminated the $1.9 million annual lease on its corporate jet as part of the Seattle company’s ongoing strategy to “reduce costs and conserve capital,” according to a regulatory filing Monday.
Cell terminated its lease with Citiflight, which extended to 2011, a week ago at a cost of nearly $1.2 million.Seattle Weekly
Justice Dept. OKs media purchase
New Times Media’s purchase of Village Voice Media, parent of Seattle Weekly, was approved by the U.S. Justice Department.
The new company, to be called Village Voice Media, will publish free weekly papers in 17 of the largest U.S. markets, the companies said Monday in a statement. It will have a weekly circulation of 1.8 million papers and 4.3 million readers.
The deal is expected to be completed in the first quarter, the companies said.
Compiled from Seattle Times staff and Bloomberg News