By Sheri Kasprzak
New York, Nov. 15 - Corcept Therapeutics Inc. will settle a private placement for $3 million.
A group of investors led by Paperboy Ventures LLC agreed to buy 3 million shares in the deal, which is scheduled to close Dec. 15. The price per share is a 20% premium to the company's $0.83 closing stock price on Tuesday.
Sutter Hill Ventures, one of the company's current shareholders, and members of Corcept's board of directors will also invest in the offering.
Proceeds will be used for investigations of the results of phase 3 clinical trials, the continued clinical development of Corlux to treat psychotic features of psychotic major depression and for working capital.
Located in Menlo Park, Calif., Corcept develops treatments for severe psychiatric disorders and neurological diseases.
| Issuer: | Corcept Therapeutics Inc.
|
| Issue: | Stock
|
| Amount: | $3 million
|
| Shares: | 3 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Investors: | Paperboy Ventures LLC (lead), Sutter Hill Ventures, others
|
| Announcement date: | Nov. 15
|
| Settlement date: | Dec. 15
|
| Stock symbol: | Nasdaq: CORT
|
| Stock price: | $0.83 at close Nov. 14
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
