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Article: Clinical Data Raises $47.4M for NDA Work, Phase III Trial.
- Article from:
- BIOWORLD Today
- Article date:
- October 29, 2009
CopyrightCOPYRIGHT 2009 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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Staff Writer
Clinical Data Inc. has raised about $47.4 million through the public offering of 2.75 million new shares of its common stock at a price of $17.25 per share, money that will fund activities related to its two lead products vilazodone and Stedivaze.
Wall Street reacted negatively to the news, sending shares in the company down 15.4 percent.
The Newton, Mass.-based company could raise an additional $7.2 million through the offering if underwriters exercise their overallotment option to purchase up to 412,500 shares. In that case, the total gross proceeds would be about $54.6 million. The offering is expected to close no later than ...