Irvine drug developer Spectrum Pharmaceuticals Inc. said Wednesday that three institutional investors agreed to purchase $20 million worth of its stock.
The investors, led by the Federated Kaufmann Fund of Pittsburgh, are paying $5.11 a share for the Spectrum stock.
Spectrum said that it expects to receive $19 million in proceeds from the offering and will use the money for ?eneral corporate purposes.?
Spectrum? shares were down 7% at close of trading with a market value of about $160 million.
