Record Use of At-the-Market (ATM) Offerings Continues in 2013 with $161 Million Raised by U.S. Life Sciences Companies in First Quarter, Reports Brinson Patrick
- Quarter-Over-Quarter Increase is 25 Percent vs. $129 Million Raised by Life Sciences Companies in the Fourth Quarter of 2012 –
NEW YORK, May 28, 2013 – Brinson Patrick Securities Corporation, a boutique investment bank specializing in at-the-market (ATM) offerings, reported today that U.S. life sciences companies raised $161 million through ATMs in the first quarter of 2013, compared to $112 million in the first quarter of 2012.
The $161 million raised is a new record for quarterly ATM usage by U.S. life sciences companies. The proceeds raised are 25% more than the previous record of $129 million, which was raised in the fourth quarter of 2012. Life sciences companies whose ATMs were active in the first quarter included: Delcath Systems, Inc. (NASDAQ: DCTH), New York, NY; Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR), Aliso Viejo, CA; Raptor Pharmaceuticals, Inc. (NASDAQ: RPTP), Novato, CA; Coronado Biosciences, Inc. (NASDAQ: CNDO), Burlington, MA.
“We are continuing to see new records in ATM usage for life sciences companies,” said Todd Wyche, CEO of Brinson Patrick. “This is the third consecutive quarter where the proceeds raised set a record high for the industry.”
An ATM provides an efficient means of raising equity capital over time by enabling a publicly traded company to tap into the existing secondary market for its shares on an as-needed basis. With an ATM, an exchange-listed company incrementally sells newly issued shares into the trading market through a designated broker-dealer at prevailing market prices, rather than via a traditional underwritten offering of a fixed number of shares at a fixed price all at once. ATMs are also generally less expensive and less complicated to execute than traditional equity offerings and do not require a lot of executive time.
About Brinson Patrick Securities Corporation
Brinson Patrick Securities Corporation is a boutique investment bank that employs its DOCS® (Dynamic Offering of Common Stock) at-the-market (ATM) financing facility to raise the capital for clients as they need it. The DOCS® ATM is a low-profile equity offering appropriate for publicly traded companies across multiple industries and market capitalizations. It has been successfully utilized by companies in the energy, life sciences, technology, real estate, financial services and hospitality industries with market capitalizations that range from $50 million to over $1 billion.
Brinson Patrick is a FINRA member broker-dealer.