Company uses funds for research, development, clinical trials of NS2
By Devika Patel
Knoxville, Tenn., May 8 – Aldeyra Therapeutics, Inc. said it priced a $20.25 million public offering of stock with a $3.04 million greenshoe. The deal was announced April 20.
The company will sell 2.7 million common shares at $7.50 per share. The price per share is a 9.2% discount to the May 7 closing share price of $8.26.
Cowen and Co., LLC and Canaccord Genuity Inc. are the bookrunners.
Settlement is expected May 13.
Proceeds will be used to support the company’s operations.
Specifically, Aldeyra will use funds raised for research and development activities, including current and additional clinical trials of topically administered NS2, to develop systemic formulations of NS2, to develop novel aldehyde traps distinct from NS2, to expand clinical development and regulatory infrastructure, and for working capital and other general corporate purposes.
NS2, the company’s most advanced product candidate, is applied to the skin to treat the dermatologic symptoms of Sjogren-Larsson Syndrome, a rare condition that the company believes afflicts about 1,000 patients in the United States.
Aldeyra is a Lexington, Mass., biotechnology company.
| Issuer: | Aldeyra Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $20.25 million
|
| Greenshoe: | $3,037,500
|
| Shares: | 2.7 million
|
| Price: | $7.50
|
| Warrants: | No
|
| Bookrunners: | Cowen and Co., LLC and Canaccord Genuity Inc.
|
| Co-managers: | Janney Montgomery Scott LLC and Laidlaw & Co. (UK) Ltd.
|
| Announcement date: | April 20
|
| Pricing date: | May 8
|
| Settlement date: | May 13
|
| Stock symbol: | Nasdaq: ALDX
|
| Stock price: | $8.26 at close May 7
|
| Market capitalization: | $50.23 million
|
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