Cowen, Piper Jaffray, Nomura Securities were the bookrunning managers
By Devika Patel
Knoxville, Tenn., Aug. 18 – Inotek Pharmaceuticals Corp. said the underwriters for its public offering of stock opted to exercise the deal’s $10.33 million greenshoe in full, lifting total proceeds of the offering to $79.18 million. The deal was announced July 31 and priced for $68.85 million with the greenshoe on Aug. 12.
The company sold 6.21 million common shares at $12.75 per share. The price per share reflects a 5.56% discount to the Aug. 11 closing share price of $13.50. Of the shares, 810,000 were part of the fully exercised greenshoe.
Cowen and Co., Piper Jaffray & Co. and Nomura Securities International, Inc. were the bookrunners.
Proceeds will be used for clinical trials, working capital and general corporate purposes.
Beverly, Mass.-based Inotek is a development-stage pharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma.
| Issuer: | Inotek Pharmaceuticals Corp.
|
| Issue: | Common stock
|
| Amount: | $79,177,500, including $10,327,500 greenshoe of 810,000 shares
|
| Shares: | 6.21 million
|
| Price: | $12.75
|
| Warrants: | No
|
| Bookrunners: | Cowen and Co., Piper Jaffray & Co. and Nomura Securities International, Inc.
|
| Announcement date: | July 31
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 18
|
| Stock symbol: | Nasdaq: ITEK
|
| Stock price: | $13.50 at close Aug. 11
|
| Market capitalization: | $318.92 million
|
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