Bookrunner Ladenburg Thalmann assists; offering funds clinical trials
By Devika Patel
Knoxville, Tenn., Nov. 27 - Lipocine Inc. priced a $12.31 million public sale of stock with a $1.85 million greenshoe, according to a prospectus filed Wednesday with the Securities and Exchange Commission.
The company will sell 1,492,000 common shares at $8.25 apiece. The price per share is a 7.82% discount to the Nov. 26 closing share price of $8.95.
Ladenburg Thalmann & Co. Inc. is the bookrunning manager.
Settlement is expected Nov. 29.
Proceeds will be used to conduct clinical trials for LPCN 1021 and other product candidates, for working capital and for other general corporate purposes.
The specialty pharmaceutical company is based in Salt Lake City.
| Issuer: | Lipocine Inc.
|
| Issue: | Common shares
|
| Amount: | $12,309,000
|
| Greenshoe: | $1,846,350
|
| Shares: | 1,492,000
|
| Price: | $8.25
|
| Warrants: | No
|
| Bookrunner: | Ladenburg Thalmann & Co. Inc.
|
| Lead manager: | National Securities Corp.
|
| Pricing date: | Nov. 27
|
| Settlement date: | Nov. 29
|
| Stock symbol: | OTCBB: LPCN
|
| Stock price: | $8.95 at close Nov. 26
|
| Market capitalization: | $90.56 million
|
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