Neurobiological Technologies Inc. announced Monday that theunderwriters of its recently completed initial public offering(IPO) of common stock have exercised their overallotmentoption. An additional 240,000 shares were sold at $8 per share,bringing the total proceeds of the offering to $14.7 million.
The Richmond, Calif., company (NASDAQ:NTII) filed for the IPOin January and completed it in February, netting $11.8 millionfrom the sale of 1.6 million shares at $8 each. Van Kasper & Co.was the lead manager.
NTI has a quarterly burn rate of about $800,000, according toits chief executive officer, Jeffrey Price. The company isfocusing on development of therapeutics based onneurosciences research.
NTI's stock closed at $8.81 a share on Monday, down 19 cents.
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