Karyopharm Therapeutics Expects To Price IPO In $14.00-$16.00/shr Range

(RTTNews) - Karyopharm Therapeutics Inc. disclosed in a regulatory filing on Monday that it expects to price its initial public offering between $14.00 and $16.00 per share. In the offering, the company is selling about 5.67 million shares of its common stock.

The company epects that the shares will trade on the NASDAQ Global Market under the symbol "KPTI."

The underwriters have an option for a period of 30 days to purchase up to 850,000 additional shares of its common stock.

The company noted that it intends to use the net proceeds from this offering, together with its existing cash and cash equivalents, as follows: approximately $53.0 million to fund the continued clinical development of our lead drug candidate, Selinexor (KPT-330), including by initiating and conducting planned Phase 2/3 clinical trials of Selinexor in two indications and Phase 2 clinical trials of Selinexor in two solid tumor indications; approximately $5.0 million to continue the preclinical development of its drug candidates for anti-inflammatory, viral and wound-healing indications; approximately $30.0 million for discovery, research, preclinical development and clinical trials of additional drug candidates; and the balance for working capital and other general corporate purposes.

The company had reported that its net loss for Six-month Ended June 30 2013 widened to $12.48 million from $8.01 million in the same period last year. Contract and grant revenue for the period declined to $366 thousand from $567 thousand last year.

Karyopharm Therapeutics is a clinical-stage pharmaceutical company founded in December 2008 by Dr. Sharon Shacham. It is focused on the discovery and development of novel first-in-class drugs directed against nuclear transport targets for the treatment of cancer and other major diseases.