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
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