BofA Merrill Lynch, Nomura, Noble Life Science Partners help with sale
By Devika Patel
Knoxville, Tenn., June 18 – Cynapsus Therapeutics Inc. priced a $63 million public sale of stock with a $5.25 million greenshoe on Wednesday, according to a press release and an FWP filed Thursday with the Securities and Exchange Commission.
The company will sell 4.5 million common shares at $14.00 per share, which is identical to the June 17 closing share price.
Dexxon Holdings Ltd. will invest about $10.3 million.
BofA Merrill Lynch is the bookrunner.
Settlement is expected June 23.
Proceeds will be used for Phase 3 bridging, efficacy and safety studies, and research and development; pre-approval commercialization in the U.S. market; initial regulatory and clinical activities for European market registration; CMC-related expenses; other early-stage pipeline development programs; and working capital and other general corporate purposes.
Toronto-based Cynapsus Therapeutics is a research company focused on discovering the therapeutic benefits of cannabis and on the development of cannabis-based pharmaceutical products.
| Issuer: | Cynapsus Therapeutics Inc.
|
| Issue: | Common stock
|
| Amount: | $63 million
|
| Greenshoe: | $5.25 million, or 675,000 shares
|
| Shares: | 4.5 million
|
| Price: | $14.00
|
| Warrants: | No
|
| Bookrunner: | BofA Merrill Lynch
|
| Lead manager: | Nomura
|
| Co-manager: | Noble Life Science Partners
|
| Investor: | Dexxon Holdings Ltd. (for about $10.3 million)
|
| Pricing date: | June 17
|
| Settlement date: | June 23
|
| Stock symbol: | Nasdaq: CYNA
|
| Stock price: | $14.00 at close June 17
|
| Market capitalization: | $103.5 million
|
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