Chelsea Therapeutics (CHTP) Prices 6.67M Common Offering at $3/Share

November 13, 2013 8:46 AM EST
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Chelsea Therapeutics International Ltd. (Nasdaq: CHTP) that it has priced an underwritten public offering of 6,666,667 shares of its common stock at an offering price of $3.00 per share, for total gross proceeds (before underwriting discount and commissions and estimated expenses) of approximately $20 million. The Company has granted the underwriters a 30-day option to purchase up to 1,000,000 additional shares of its common stock to cover over-allotments, if any. The offering is expected to close on November 18, 2013, subject to customary closing conditions.

The Company intends to use the net proceeds from this offering to fund its droxidopa program, including regulatory and possible initial commercialization activity for NORTHERAâ„¢, and for general corporate purposes.

JMP Securities acted as the sole book-running manager for the offering. Needham & Company and Ladenburg Thalmann & Co. Inc. acted as co-managers. ROTH Capital Partners acted as financial advisor.

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