Cambridge NeuroScience Inc. has raised $18.4 million in anoffering of 1.5 million shares of common stock priced at $12.25per share, the company said Friday. After the offering, thedeveloper of drugs to treat neurological and psychiatricdisorders has 8.4 million shares outstanding.
The Cambridge, Mass., company is among a number of biotechcompanies making secondary offerings after launching aninitial public offering during the weak market last spring. InJune, Cambridge raised $24 million on a 2 million-shareoffering at $12 per share. The company had hoped to price thedeal at between $15 and $17 per share.
Cambridge stock (NASDAQ:CNSI) closed down 25 cents at$12.50 on Friday.
Underwriters Smith Barney, Harris Upham & Co. andMontgomery Securities have a 225,000-share overallotmentoption.
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