Piper Jaffray is bookrunner, has greenshoe for 15% extra
New York, Jan. 9 – Alcobra Ltd. priced its underwritten public offering of $26 million ordinary shares at $4 per share, according to a news release.
The company sold 6.5 million shares in the sale, which has a 30-day over-allotment option for a further 15%.
The per-share price is a $0.25, or 6%, discount to the $4.25 closing price on Thursday.
Piper Jaffray & Co. was the bookrunner.
Proceeds will be used to fund clinical development programs and for general corporate purposes.
The Tel Aviv, Israel-based pharmaceutical company is developing MDX for the treatment of Attention Deficit Hyperactivity Disorder and other cognitive disorders.
| Issuer: | Alcobra Ltd.
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| Issue: | Ordinary shares
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| Amount: | $26 million
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| Shares: | 6.5 million
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| Greenshoe: | For 15%
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| Price: | $4.00
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| Warrants: | No
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| Pricing date: | Jan. 8, after close
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| Settlement: | Jan. 14
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| Bookrunner: | Piper Jaffray & Co.
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| Distribution: | Off shelf
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| Stock symbol: | Nasdaq: ADHD
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| Stock price: | $4.25 at close on Jan. 8
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| Market capitalization: | $68 million
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