Stifel, JMP, Canaccord Genuity and Janney Montgomery Scott will assist
By Devika Patel
Knoxville, Tenn., March 10 - Egalet Corp. said the underwriters for its initial public offering of stock opted to exercise the deal's $7.56 million greenshoe in full, lifting total proceeds to $61.56 million. The deal was announced Oct. 16 and priced for $54 million with the greenshoe on Feb. 7.
The company sold 4.83 million common shares at $12.00 apiece. Of the shares, 630,000 were part of the fully exercised greenshoe.
Stifel and JMP Securities were the joint bookrunning managers.
Proceeds will be used for bioequivalence trials and abuse deterrence studies for Egalet-001, for phase 3 efficacy and safety trials and alcohol interaction and abuse deterrence studies for Egalet-002, to establish commercial manufacturing capability for Egalet-001 and Egalet-002, for research and development operations and for working capital and general corporate purposes.
The pharmaceutical company is based in Wayne, Pa. It intends to list its common stock on the Nasdaq under the symbol "EGLT."
Issuer: | Egalet Corp.
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Issue: | Common stock
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Amount: | $61.56 million, including $7.56 million greenshoe
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Shares: | 4.83 million
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Price: | $12.00
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Warrants: | No
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Bookrunners: | Stifel and JMP Securities
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Co-managers: | Canaccord Genuity and Janney Montgomery Scott
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Announcement date: | Oct. 16
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Pricing date: | Feb. 7
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Settlement date: | Feb. 11
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Stock exchange: | Nasdaq: EGLT
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