San Diego-based cancer drug developer Ignyta Inc. has raised $54 million in two separate stock offerings, exceeding the company’s original target of $35 million.
Ignyta (OTC: RXDX) said it issued and sold about 7.7 million shares of its common stock at $6 a share in a private placement that closed Nov. 6. Its second private placement sold 1.3 million shares at $6 apiece, closing Nov. 29.
The company has exclusive global development and marketing rights to RXDX — a drug that’s in Phase 1 and Phase 2 clinical trials to treat solid tumors — through a license with Italian drugmaker Nerviano Medical Science SRL.
Ignyta completed a reverse merger Oct. 31 with Denver, Col.-based Infinity Oil & Gas Co., to begin trading on the public markets.