Just four months after going public at $7.50 a share, CorTherapeutics Inc. has raised $36.5 million in a public offeringof 2 million shares priced at $18.25.
Cor stock (NASDAQ:CORR) closed at $20.50, up $1.50 onWednesday.
The South San Francisco, Calif., company raised $15 million inits initial public offering during the soft offering market inJune, well below its goal of $22.5 million to $27.5 million.
Cor's first product, Integrelin, is in Phase I trials. The drug,which prevents platelet aggregation by inhibiting glycoproteinIIb-IIIa, is being developed to treat acute myocardialinfarction, stroke and other diseases associated with arterialthrombosis. Cor plans to enter multiple Phase II trials afterthe safety trial is completed.
After the latest offering, Cor has 11.4 million sharesoutstanding. Underwriters Robertson, Stephens & Co. andMontgomery Securities have a 300,000-share overallotmentoption. -- KB
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