Israeli clinical stage drug company NeuroDerm(Nasdaq:NDRM), which is developing drugs for central nervous system (CNS) diseases, is set to raise $75 million in a secondary offering on Nasdaq. The Rehovot based company is striking while the iron is hot, having announced earlier this week that it had agreed with the US Food and Drug Administration (FDA) its clinical trial program could be significantly shortened. Following that announcement, NeuroDerm's shares jumped 26%, giving it a market cap of $424 million.
The share slipped back 2% yesterday after the company announced the pricing of a follow-on offering of 4 million of its ordinary shares at a price to the public of $18.75 per
The offering is expected to close on or about December 12. The company expects to use the funds to finance ongoing and planned clinical trials for its products and the development of related devices and for R&D of other products and general corporate purposes.
Jefferies LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering, and Raymond James & Associates, Inc. and Roth Capital Partners, LLC are acting as co-managers.
Published by Globes [online], Israel business news - www.globes-online.com - on December 8, 2016
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