With clear regulatory path, Endocyte raises $175M

Endocyte Inc. (NASDAQ:ECYT) raised $175 million through the sale of 9.5 million shares at $18.50 in a follow-on underwritten by Jefferies, Wells Fargo, RBC Capital Markets and Wedbush. The price was a 2% discount to Endocyte's close on Monday at $18.89; Endocyte gained $0.66 to $19.55 on Tuesday, and priced the offering after market hours.

Endocyte's shares rose 11% on Monday after the company said FDA clarified the regulatory path for its 177Lu-PSMA-617, potentially shortening its timeline to gain full approval to treat metastatic castration-resistant prostate cancer (mCRPC). FDA will now accept radiographic progression-free survival (rPFS) as a primary efficacy endpoint in the ongoing Phase III VISION trial of the therapy. A positive assessment on either rPFS or overall survival (OS), the study's other primary endpoint, would suffice for FDA approval...