Irvine-based Spectrum Pharmaceuticals Inc. said Thursday that it planned to raise up to $42 million in a stock offering.
Spectrum, which makes cancer drugs, said it plans to sell 8 million shares at $5.25 each. The company is set to use its share of the offering for general corporate purposes.
The drug developer said buyers of the shares also would get six-year warrants giving them the right to acquire up to 4 million shares at $6.62 each.
New York-based investment bank Rodman and Renshaw LLC is managing the stock sale.
Shares of Spectrum were up 0.6% to $5.23 Thursday.
