By Sheri Kasprzak
New York, Dec. 19 - Neurogen Corp. plans to settle later this week a $39,999,960 registered direct placement.
A group of institutional investors agreed to buy 6.993 million shares at $5.72 each. The price is par with the company's closing stock price on Monday.
Pacific Growth Equities, LLC is the bookrunner with CIBC World Markets Corp., Leerink Swann & Co. and Merriman Curhan Ford & Co. as co-agents.
The shares will be sold under the company's registration statement.
The deal is set to close Dec. 21.
Proceeds will be used for developing clinical and pre-clinical product candidates, discovering additional product candidates and for general corporate purposes.
Based in Branford, Conn., Neurogen develops small molecule drugs to treat insomnia, Parkinson's disease, restless leg syndrome, pain, depression and obesity.
| Issuer: | Neurogen Corp.
|
| Issue: | Stock
|
| Amount: | $39,999,960
|
| Shares: | 6.993 million
|
| Price: | $5.72
|
| Warrants: | No
|
| Placement agents: | Pacific Growth Equities, LLC (lead), CIBC World Markets Corp., Leerink Swann & Co., Merriman Curhan Ford & Co.
|
| Announcement date: | Dec. 19
|
| Settlement date: | Dec. 21
|
| Stock symbol: | Nasdaq: NRGN
|
| Stock price: | $5.72 at close Dec. 18
|
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