By LLuvia Mares
New York, Sept. 25 - Corcept Therapeutics completed a second closing for a $2.5 million private placement financing agreement for stock, raising a total $10.1 million.
The company sold an additional 1.2 million shares at $2.10 each to Paperboy Ventures LLC to fulfill its remaining commitment.
The Aug. 16 agreement with a group of accredited investors arranged for the issuance of 4.8 million shares of stock at $2.10 each totaling $10.1 million.
The company completed the initial closing of the financing on Aug.17, selling 3.6 million shares at $2.10 per share for proceeds of $7.6 million.
The investors in the initial closing included Paperboy Ventures LLC, Corcept, Sutter Hill Ventures and Alta Partners, LLP, and various entities and other accredited investors.
Proceeds will be used to finance and to conduct the next phase 3 clinical trial evaluating Corlux - antipsychotic-induced weight gain manager.
Menlo Park, Calif.-based Corcept is a pharmaceutical company engaged in the development of medications for the treatment of severe psychiatric and metabolic diseases.
Issuer: Corcept Therapeutics
Issue: Stock
Amount: $2.5 million
Shares: 1.2 million
Price: $2.10
Warrants: No
Investor: Paperboy Ventures LLC
Pricing date: Aug. 16
| Settlement date: | Sept. 25
|
| Stock symbol: | NASDAQ: CORT
|
| Stock price: | $4.70 at close Sept. 24
|
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