Karyopharm Therapeutics Announces Closing of Public Offering of Common Stock and Exercise in Full of Underwriters’ Option to Purchase Additional Shares

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[{"type":"text","content":"NEWTON, Mass., March 06, 2020 (GLOBE NEWSWIRE) -- Karyopharm Therapeutics Inc. (Nasdaq:KPTI), an oncology-focused pharmaceutical company, today announced the closing of its previously announced registered underwritten public offering and the exercise in full of the underwriters’ option to purchase additional shares. 7,187,500 shares of the Company’s common stock at a price to the public of $24.00 per share were issued and sold in the offering, which includes 937,500 shares issued upon the exercise of the underwriters’ option to purchase additional shares. The gross proceeds to Karyopharm from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, are expected to be $172.5 million.\n J.P. Morgan, Morgan Stanley and Jefferies acted as joint book-running managers for the offering. RBC Capital Markets, Baird and H.C. Wainwright & Co. are acting as co-managers for the offering. Karyopharm intends to use the net proceeds of the offering (i) to maintain and grow the infrastructure to support the continued commercialization of selinexor in the United States, including further developing our sales, marketing and market access functions along with related general and administrative capabilities; (ii) to support continued clinical development of selinexor in hematologic malignancies and solid tumors; (iii) to conduct activities to support regulatory submissions for oral selinexor as a potential second line therapy for patients with relapsed or refractory multiple myeloma and as a potential new treatment for patients with relapsed/refractory diffuse large B-cell lymphoma; (iv) for conducting clinical trials of two of our pipeline drug candidates in oncology, eltanexor, a second-generation SINE compound, and KPT-9274, a dual acting p21-activated kinase 4 (PAK4) allosteric modulator and nicotinamide phosphoribosyltransferase (NAMPT) inhibitor; and (v) for working capital and other general corporate purposes. The offering was made only by means of a prospectus supplement and accompanying prospectus forming part of an automatically effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC) on February 26, 2020. The final prospectus supplement and the accompanying prospectus was filed with the SEC and is available on the SEC's web...

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