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Article: Acadia Raises $89.1M Publicly To Fund Upcoming CNS Trials.
- Article from:
- BIOWORLD Today
- Article date:
- April 6, 2007
- Author:
CopyrightCOPYRIGHT 2007 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jim Shrine, Staff Writer
Acadia Pharmaceuticals Inc. capitalized on the recent jump in its shares, pricing an $89.1 million public offering.
The San Diego-based company sold 5.75 million shares at $15.50 per share, an offering expected to net $83.5 million. Underwriters have a 30-day overallotment option on 862,500 additional shares, which would add about $13.4 million to the gross proceeds if exercised.
The offering's $15.50 price is an increase of about 132 percent to the stock's $6.69 closing price on March 16. The shares gained 103 percent, to $13.61, on positive Phase II data the next trading day, and have continued to increase ...