Barclays, Cowen and Jefferies were bookrunners; JMP, Needham assisted
By Devika Patel
Knoxville, Tenn., Dec. 10 – Trevena, Inc. said the underwriters for its public sale of stock opted to exercise the deal’s $6.75 million greenshoe in part for total proceeds of $51.39 million. The offering was announced Nov. 20 and priced for $45 million public with the greenshoe on Dec. 4.
The company sold 12,848,000 common shares at $4.00 per share. The price per share reflects a 2.62% discount to the Dec. 3 closing share price of $4.22. Of the shares, 1,598,000 were part of the partially exercised greenshoe.
Barclays, Cowen and Co., LLC and Jefferies LLC were the bookrunning managers.
Proceeds will be used for clinical development expenses, including clinical trials, development activities, preclinical research and development, working capital and general corporate purposes.
The clinical-stage biopharmaceutical company is based in King of Prussia, Pa.
| Issuer: | Trevena, Inc.
|
| Issue: | Common stock
|
| Amount: | $51,392,000 (including $6,392,000 greenshoe)
|
| Shares: | 12,848,000
|
| Price: | $4.00
|
| Warrants: | No
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| Bookrunners: | Barclays Capital Inc., Cowen and Co., LLC and Jefferies LLC
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| Co-managers: | JMP Securities LLC and Needham & Co., LLC
|
| Announcement date: | Nov. 20
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 10
|
| Stock symbol: | Nasdaq: TRVN
|
| Stock price: | $4.22 at close Dec. 3
|
| Market capitalization: | $153.89 million
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