Stifel and Piper Jaffray raise funds for clinical trials and research
By Devika Patel
Knoxville, Tenn., Aug. 4 – Cara Therapeutics Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $10.5 million greenshoe in full, lifting total proceeds of the offering to $80.5 million. The deal was announced July 27 and priced for $70 million with the greenshoe on July 29.
The company sold 4,327,956 common shares at $18.60 per share. The price per share is a 3.68% discount to the July 28 closing share price of $19.31. Of the shares, 564,516 were part of the fully exercised greenshoe.
Stifel and Piper Jaffray & Co. were the bookrunners.
Proceeds will be used for clinical trials, research and development, working capital and other general corporate purposes, including in-licensing and acquisitions.
The biopharmaceutical company is based in Shelton, Conn.
| Issuer: | Cara Therapeutics Inc.
|
| Issue: | Common stock
|
| Amount: | $80.5 million, including $10.5 million greenshoe of 564,516 shares
|
| Shares: | 4,327,956
|
| Price: | $18.60
|
| Warrants: | No
|
| Bookrunners: | Stifel and Piper Jaffray & Co.
|
| Co-managers: | Canaccord Genuity Inc., Needham & Co., LLC and Janney Montgomery Scott LLC
|
| Announcement date: | July 27
|
| Pricing date: | July 29
|
| Settlement date: | Aug. 4
|
| Stock symbol: | Nasdaq: CARA
|
| Stock price: | $19.31 at close July 28
|
| Market capitalization: | $425.34 million
|
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