By LLuvia Mares
New York, Aug. - Corcept Therapeutics Inc. announced Monday a $10.1 million private placement of shares.
The company sold 4.8 million shares at $2.10 per unit. Corcept Therapeutics completed the initial closing of the financing on Aug. 17, selling 3.6 million shares of its common stock at $2.10 each.
If stockholder approval in compliance with Nasdaq rules is achieved, investor Paperboy Ventures LLC can purchase the company's remaining commitment of 1.2 million shares at $2.10 per share, for a total of 4.8 million shares.
Other investors included Sutter Hill Ventures, Alta Partners, LLP and other accredited investors.
The company plans to use the proceeds toward financing the next phase in its clinical trial evaluating Corlux a drug for the treatment of the psychotic features of psychotic depression and working capital.
Menlo Park, Calif.-based Corcept Therapeutics is a pharmaceutical company engaged in the development of drugs for the treatment of severe psychiatric and neurological diseases.
Issuer: Corcept Therapeutics Inc.
Issue: Stock
Amount: $10.1 million
| Shares: | 4.8 million
|
| Price: | $2.10
|
| Warrants: | No
|
| Settlement date: | Aug. 17 (initial 3.6 million shares)
|
| Stock symbol: | Nasdaq: CORT
|
| Stock price: | $2.22 at close Aug. 17
|
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