Underwriters fully exercise greenshoe for 555,555 more shares
By Susanna Moon
Chicago, Feb. 11 – Ohr Pharmaceutical Inc. said underwriters fully exercised the over-allotment option for 555,555 additional shares, bringing the public offering of stock to $28.75 million. The deal was announced on Feb. 5 and priced the following day.
The company sold 4,259,259 common shares at $6.75 per share, including 55,555 shares issued as part of the greenshoe, according to a company press release.
As previously announced, the price per share is an 11.65% discount to the Feb. 5 closing share price of $7.64.
Cowen and Co., LLC is the bookrunner. Roth Capital Partners was the financial adviser.
The transaction was led by new investors Deerfield Management Co., LP and Broadfin Capital LLC and included participation from new and existing investors.
Proceeds will be used for clinical trials, pre-clinical development and general corporate purposes.
Ohr is a biotechnology company based in New York.
| Issuer: | Ohr Pharmaceutical Inc.
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| Issue: | Common stock
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| Amount: | $28.75 million (including $3.75 million greenshoe exercise)
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| Shares: | 4,259,259
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| Price: | $6.75
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| Warrants: | No
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| Bookrunner: | Cowen and Co., LLC
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| Co-managers: | Brean Capital, LLC and LifeSci Capital LLC
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| Investors: | Deerfield Management Co., LP and Broadfin Capital LLC
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| Announcement date: | Feb. 5
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| Pricing date: | Feb. 6
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| Settlement date: | Feb. 11
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| Stock symbol: | Nasdaq: OHRP
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| Stock price: | $7.64 at close Feb. 5
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| Market capitalization: | $173.03 million
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