By Devika Patel
Knoxville, Tenn., Oct. 13 - Corcept Therapeutics Inc. said it will take in approximately $18 million in a private placement of units.
The company will sell approximately 12.6 million units at $1.43 apiece. Each unit consists of one common share and one warrant for 0.35 of a share. Each whole warrant will be exercisable at $1.66 for three years.
Federated Kaufmann Funds is among the investors. Thomas Weisel Partners LLC is the agent.
Settlement is expected Oct. 16.
Proceeds will be used to fund the completion of enrollment in the company's phase 3 trial of Corlux for Cushing's Syndrome and the submission of its Cushing's Syndrome New Drug Application to the Food and Drug Administration, as well as 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: | Units of one common share and one warrant for 0.35 of a share
|
| Amount: | $18 million (approximate)
|
| Units: | 12.6 million (approximate)
|
| Price: | $1.43
|
| Warrants: | One warrant for 0.35 of a share per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.66
|
| Agent: | Thomas Weisel Partners LLC
|
| Investor: | Federated Kaufmann Funds
|
| Pricing date: | Oct. 13
|
| Settlement date: | Oct. 16
|
| Stock symbol: | Nasdaq: CORT
|
| Stock price: | $1.38 at close Oct. 9
|
| Market capitalization: | $73.2 million
|
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