Vitae Pharmaceuticals to offer 3 million shares in public sale

Stifel, BMO, Piper Jaffray are bookrunners; proceeds to develop products

New York, Jan. 8 – Vitae Pharmaceuticals, Inc. announced a planned public offering of 3 million common shares in an S-1 filing with the Securities and Exchange Commission.

Stifel, BMO Capital Markets and Piper Jaffray will be bookrunners for the sale. JMP Securities and Wedbush PacGrow Life Sciences are co-managers.

The offering has a 30-day over-allotment option for an additional 450,000 shares.

Proceeds from the sale, estimated at $50.4 million or $58 million if the greenshoe is exercised, will be used to help fund the costs of progressing Vitae’s RORgt program through Phase 2 clinical development, to help fund the costs of advancing its LXR programs including VTP-38543 for the treatment of atopic dermatitis through an initial Phase 1 clinical trial, a Phase 1 proof-of-concept clinical trial and Phase 2 enabling activities, VTP-38443 through filing an IND in preparation for a Phase 1 clinical trial for the treatment of acute coronary syndrome, and to help fund the company’s continued discovery efforts to identify additional drug candidates for new therapeutic molecular targets, including its immuno-oncology efforts. Proceeds will also be used for debt payments, working capital and general corporate purposes.

Vitae is a Fort Washington, Penn. clinical stage biotechnology company.

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