By Devika Patel
Knoxville, Tenn., March 20 - Corcept Therapeutics Inc. gave more details of a planned $25.27 million private placement of stock and warrants in an 8-K filed Thursday with the Securities and Exchange Commission. The deal was announced on March 17.
The company will sell 8,923,210 shares at $2.77 apiece for $24.72 million. Investors also will buy warrants for 4,461,599 common shares at $0.125 per warrant for $557,700. Each warrant will be exercisable at $2.77 for seven years.
The investors are being led by Longitude Capital Management Co., LLP and also include Paperboy Ventures LLC, Sutter Hill Ventures and Alta Partners, LLP, and various venture capital firms, entities and other accredited investors.
Settlement is expected March 25.
Proceeds will be used to conduct the company's next Phase 3 clinical trial evaluating CORLUX(r) for the treatment of the psychotic features of psychotic depression, which will begin enrollment shortly, to conduct a clinical trial for CORLUX for the treatment of Cushing's syndrome, to conduct clinical trials to evaluate the management of weight gain induced by antipsychotic medications, to continue development of the company's proprietary, selective GR-II antagonists and for general corporate purposes, including working capital.
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: | Common shares, warrants
|
| Amount: | $25,274,991.575
|
| Investors: | Longitude Capital Management Co., LLP (lead), Paperboy Ventures LLC, Sutter Hill Ventures and Alta Partners, LLP
|
| Pricing date: | March 14
|
| Announcement date: | March 17
|
| Settlement date: | March 25
|
| Stock symbol: | Nasdaq: CORT
|
| Stock price: | $2.77 at close March 14
|
|
|
| Shares
|
| Amount: | $24,717,291.70
|
| Shares: | 8,923,210
|
| Price: | $2.77
|
|
|
| Warrants
|
| Amount: | $557,699.875
|
| Warrants: | For 4,461,599 shares
|
| Warrant expiration: | Seven years
|
| Warrant price: | $0.125
|
| Warrant strike price: | $2.77
|
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