Interneuron Pharmaceuticals Inc. last week completed itsfollow-on offering of 2 million shares of common stock at $6.50a share.
The Lexington, Mass., company (NASDAQ:IPIC) expects $11.7million in proceeds from the offering, which was managed by asyndicate of underwriters led by Montgomery Securities andCowen & Co. The underwriters have a 30-day option topurchase up to 300,000 additional shares of IPIC commonstock.
This offering was decreased from the 3 million shares thecompany intended to offer when it filed on Jan. 15. (At thetime, the stock was bringing $10.63 a share; on March 17, itclosed at $6 per share.)
Interneuron intends to use the proceeds from this offering tocomplete the preparation of its new drug application (NDA) fordexfenfluramine, to continue developing products to treatdisorders of the central nervous system, and to support R&D atits subsidiaries Progenitor Inc. and Transcell Technologies Inc.-- Jennifer Van Brunt
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