Fenwick & West represented Cascadian Therapeutics, Inc. (NAS: CASC), a clinical-stage biopharmaceutical company focused primarily on the development of therapeutic products for the treatment of cancer, in its underwritten public offering of 35,000,000 shares of its common stock for gross proceeds of approximately $28 million. The offering was made pursuant to an effective shelf registration statement previously filed with the SEC. As part of the offering, Cascadian Therapeutics, Inc. granted the underwriters an option for a period of 30 days to purchase an additional 5,250,000 shares of common stock at the public offering price. In addition, Cascadian Therapeutics agreed to sell 17,250 shares of its Series D Convertible Preferred Stock at a price of $800.00 per share directly to affiliates of BVF Partners L.P., which are existing stockholders and affiliates of a member of the board of directors of Cascadian Therapeutics, for expected gross proceeds of $13.8 million.
Cowen and Company and Trout Capital acted as underwriters and Cowen and Company is acting as the sole book-running manager and Trout Capital is acting as a co-manager in the common stock offering.
The Fenwick transaction team included corporate partners Effie Toshav, James Evans, and Alan Smith and associates Amanda Rose and Ryan McRobert.