Deal to fund development of injection system for rheumatoid arthritis
By Devika Patel
Knoxville, Tenn., May 18 - Antares Pharma, Inc. said it sold $23 million of common stock in a public offering. The deal priced for $20 million with a $3 million over-allotment option, which was fully exercised, on May 13.
The company sold 14,375,000 shares at $1.60 each, which is an 11.11% discount to the company's $1.80 closing share price on May 12. Of the shares, 1,875,000 were part of the fully exercised greenshoe.
Oppenheimer & Co. Inc. was the bookrunner.
The proceeds will be used for general corporate purposes, including the development of the company's proprietary Vibex MTX methotrexate injection system for the treatment of rheumatoid arthritis.
Antares is a pharmaceutical company focused on self-injection pharmaceutical products and technologies and topical gel-based products. It is based in Ewing, N.J.
| Issuer: | Antares Pharma, Inc.
|
| Issue: | Common stock
|
| Amount: | $23 million (including $3 million greenshoe exercise)
|
| Shares: | 14,375,000
|
| Price: | $1.60
|
| Warrants: | No
|
| Bookrunner: | Oppenheimer & Co.
|
| Pricing date: | May 13
|
| Settlement date: | May 18
|
| Stock symbol: | NYSE Amex: AIS
|
| Stock price: | $1.80 at close May 12
|
| Market capitalization: | $145.37 million
|
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