NeuroDerm to raise $75m in Nasdaq offering

drug development
drug development

The Israeli clinical stage drug company is taking advantage of an agreement with the FDA to shorten its clinical trial program.

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

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

drug development
drug development
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