By Devika Patel
Knoxville, Tenn., March 17 - Corcept Therapeutics Inc. said it has arranged a $25.3 million private placement of stock and warrants.
The company will sell approximately 8.9 million shares at $2.77 apiece. Investors also will receive warrants for approximately 4.5 million shares at $0.125 per warrant. Each warrant will be exercisable at $2.77 for seven years.
The investors included Paperboy Ventures LLC, Sutter Hill Ventures and Alta Partners, LLP, and various venture capital firms, entities and other accredited investors.
Proceeds will be used to conduct clinical trials and for general corporate purposes.
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 Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $25.3 million
|
| Units: | 8.9 million
|
| Price: | $2.77
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Seven years
|
| Warrant price: | $0.125
|
| Warrant strike price: | $2.77
|
| Investors: | Paperboy Ventures LLC, Sutter Hill Ventures and Alta Partners, LLP
|
| Pricing date: | March 17
|
| Stock symbol: | Nasdaq: CORT
|
| Stock price: | $2.25 at close March 14
|
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