Stifel, BMO, Piper Jaffray are bookrunners; funds to develop products
By Devika Patel
Knoxville, Tenn., Jan. 28 – Vitae Pharmaceuticals, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $5.36 million greenshoe in full, lifting total proceeds of the deal to $41.06 million. The offering was announced Jan. 8 and priced for $35.7 million with the greenshoe on Jan. 23.
The company sold 3.45 million common shares at $11.90 per share. The price per share reflects a 7.41% discount to the Jan. 22 closing share price of $13.50. Of the shares, 450,000 were part of the fully exercised greenshoe.
Stifel, BMO Capital Markets and Piper Jaffray were the joint bookrunning managers.
Proceeds 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.
The clinical-stage biotechnology company is based in Fort Washington, Pa.
| Issuer: | Vitae Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $41,055,000, including $5,355,000 greenshoe
|
| Shares: | 3.45 million
|
| Price: | $11.90
|
| Warrants: | No
|
| Bookrunners: | Stifel, BMO Capital Markets and Piper Jaffray
|
| Co-managers: | JMP Securities and Wedbush PacGrow Life Sciences
|
| Announcement date: | Jan. 8
|
| Pricing date: | Jan. 23
|
| Settlement date: | Jan. 28
|
| Stock symbol: | Nasdaq: VTAE
|
| Stock price: | $11.99 at close Jan. 22
|
| Market capitalization: | $256.33 million
|
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