Adolor launches follow-on sale of 5 million shares via Lehman; to price Wednesday

By Ronda Fears

Nashville, Feb. 13 - Adolor Corp. launched early Monday a follow-on offering of 5 million shares of common stock with pricing slated for after the close Wednesday.

Lehman Brothers Inc. is bookrunner on the deal. Co-managers are Pacific Growth Equities, LLC, Banc of America Securities, LLC and J.P. Morgan Securities Inc.

There is a greenshoe of 750,000 shares available

Exton, Pa.-based Adolor, which concentrates of pain medications, plans to use proceeds for general corporate purposes, which may include increasing its working capital, acquisitions, in-licensing of products or technologies and capital expenditures.

Entereg is Adolor's lead product candidate under development for the management of the gastrointestinal side effects associated with opioid use. Adolor and GlaxoSmithKline plc are collaborating on Entereg in multiple indications.

Adolor also is developing a sterile lidocaine patch which is in phase 2 clinical development for post-surgical incisional pain, and has a number of discovery research programs focused on the treatment of pain.

Adolor shares (Nasdaq: ADLR) ended Monday off by 48 cents, or 1.98%, at $23.81.

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