By LLuvia Mares
New York, Nov. 2 - Chelsea Therapeutics International, Ltd. plans to raise $48.9 million through a registered direct offering of stock.
The company will sell 7.4 million shares at $6.62 per share to a group of institutional investors. No warrants were issued in the transaction.
Ridgeback Capital Management, LLC is the lead investor.
Leerink Swann LLC is lead placement agent, with Oppenheimer & Co. Inc. and Punk Ziegel & Co. as co-placement agents.
The deal is expected to close Nov. 7.
Proceeds will be used for continued clinical development of CH-1504 including phase 2 trials in rheumatoid arthritis, initiation of pivotal phase 3 trials of Droxidopa and general working capital.
Charlotte, N.C.-based Chelsea Therapeutics is a biopharmaceutical development company.
Issuer: Chelsea Therapeutics International, Ltd.
Issue: Stock
Amount: $48.9 million
Shares: 7.4 million
Price: $6.62
Warrants: No
Investors: Ridgeback Capital Management, LLC (lead)
Placement agents: | Leerink Swann LLC (lead), Oppenheimer & Co. Inc., Punk Ziegel & Co.
|
Pricing date: | Nov. 1
|
Settlement date: | Nov. 7
|
Stock symbol: | Nasdaq: CHTP
|
Stock price: | $6.62 at close Thursday
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.