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Seattle Genetics said Thursday it raised net proceeds of $97.5 million from a public offering of 11.5 million shares. The Bothell biotechnology company said its underwriters exercised their option to buy 1.5 million shares beyond the 10 million initially offered.

It’s the most raised in a public stock sale by a local biotech since 2005, according to Thomson Financial data.

A Seattle Genetics statement said it will use the proceeds for its research-and-development efforts, including clinical trials for its proprietary product candidates, and for general corporate purposes.

The company had $124 million in cash and investments as of Sept. 30, and an operating loss of $39 million for the year’s first nine months.

Ste. Michelle

Brands help boost operating profit

Last year was a good one for Ste. Michelle Wine Estates in Woodinville, whose operating profit rose 36 percent to $59.9 million on net sales of $354 million.

For the fourth quarter, operating profit grew 49 percent to $24.8 million, according to a regulatory filing by its Connecticut-based parent company, UST.

Ste. Michelle said the growth came from its major brands, particularly Chateau Ste. Michelle, Antinori, Erath and the recently acquired Stag’s Leap Wine Cellars.

Compiled from Seattle Times staff