Bookrunners Jefferies and Cowen help fund clinical trials, research
By Devika Patel
Knoxville, Tenn., July 21 – NeuroDerm Ltd. said the underwriters for its public offering of stock opted to exercise the deal’s $10.03 million greenshoe in full, lifting total proceeds of the offering to $76.92 million. The deal was announced July 2 and priced for $66.89 million with the greenshoe on July 15.
The company sold 4,524,698 ordinary shares at $17.00 apiece. The price per share is a 6.32% premium to the July 14 closing share price of $15.99. Of the shares, 590,178 were part of the fully exercised greenshoe.
Jefferies LLC and Cowen and Co., LLC were the bookrunning managers.
Proceeds will be used for clinical trials, research and development, working capital and general corporate purposes.
The clinical-stage pharmaceutical company is based in Rehovot, Israel.
| Issuer: | NeuroDerm Ltd.
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| Issue: | Ordinary shares
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| Amount: | $76,919,866, including $10,033,026 greenshoe of 590,178 shares
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| Shares: | 4,524,698
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| Price: | $17.00
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| Warrants: | No
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| Bookrunners: | Jefferies LLC and Cowen and Co., LLC
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| Co-managers: | Raymond James & Associates, Inc. and Roth Capital Partners, LLC
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| Announcement date: | July 2
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| Pricing date: | July 15
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| Settlement date: | July 21
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| Stock symbol: | Nasdaq: NDRM
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| Stock price: | $15.99 at close July 14
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| Market capitalization: | $304.76 million
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