Chelsea Therapeutics plans at-the-market equity offering via Cantor

For up to 3.92 million shares at a price of at least $6.00

By Devika Patel

Knoxville, Tenn., July 26 - Chelsea Therapeutics International, Ltd. could raise up to $19.75 million in a controlled equity offering of its common stock, according to a prospectus supplement and 8-K filed Tuesday with the Securities and Exchange Commission.

The company will sell up to 3,291,666 common shares on a commercially reasonable efforts basis. The share will be sold at a purchase price of no less than $6.00.

Cantor Fitzgerald & Co. is the agent for the at-the-market sale program.

Chelsea's stock (Nasdaq: CHTP) closed at $5.31 on July 22.

Proceeds will be used to fund the company's droxidopa programs, including regulatory, commercialization and marketing activity for Northera, to fund its study of CH-4051 for the treatment of rheumatoid arthritis, for development of other product candidates, including clinical trials, research and development expenses and general and administrative expenses, and for general corporate purposes.

Charlotte, N.C.-based Chelsea Therapeutics is a biopharmaceutical development company.

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