Cara Therapeutics Announces Closing of Its Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Pur...
April 05 2017 - 4:01PM
Cara Therapeutics, Inc. (Nasdaq:CARA), a biotechnology company
focused on developing and commercializing new chemical entities
designed to alleviate pain and pruritus by selectively targeting
peripheral kappa opioid receptors, today announced the closing of
its underwritten public offering of 5,117,500 shares of its common
stock at a public offering price of $18.00 per share, which
included 667,500 shares sold pursuant to the full exercise by the
underwriters of their option to purchase additional shares.
The gross proceeds from the offering, before deducting the
underwriting discounts and commissions and offering expenses
payable by Cara Therapeutics, are expected to be approximately
$92.1 million.
The proceeds of the offering are expected to be used to fund the
company’s clinical and research development activities, including
the completion of the Phase 3 program for I.V. CR845 in uremic
pruritus, two Phase 3 trials of I.V. CR845 in acute pain and a
Phase 2b trial of oral CR845 in osteoarthritis pain, as well as for
working capital and general corporate purposes.
Piper Jaffray & Co. and Stifel acted as joint book-running
managers for the offering. Canaccord Genuity Inc., Needham
& Company, LLC, Janney Montgomery Scott LLC and H.C. Wainwright
& Co., LLC acted as co-managers.
The offering was made only by means of a written prospectus
forming part of a shelf registration statement previously filed
with and declared effective by the Securities and Exchange
Commission (SEC). Copies of the prospectus supplement and the
accompanying prospectus relating to the offering may be obtained
from Piper Jaffray & Co., Attention: Prospectus Department, 800
Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone at
(800) 747-3924, or by email at prospectus@pjc.com, or from Stifel,
Nicolaus & Company, Incorporated, Attention: Syndicate, One
Montgomery Street, Suite 3700, San Francisco, CA 94104, or by
telephone at (415) 364-2720, or by email at
syndprospectus@stifel.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Cara Therapeutics
Cara Therapeutics is a clinical-stage biotechnology company
focused on developing and commercializing new chemical entities
designed to alleviate pain and pruritus by selectively targeting
peripheral kappa opioid receptors. Cara Therapeutics is developing
a novel and proprietary class of product candidates that target the
body's peripheral nervous system and have demonstrated initial
efficacy in patients with moderate-to-severe pain without inducing
many of the undesirable side effects typically associated with
currently available pain therapeutics.
CORPORATE CONTACT:
Derek Chalmers, Ph.D., D.Sc.
President & CEO
Cara Therapeutics, Inc.
203-406-3700
MEDIA CONTACT:
Annie Starr
6 Degrees
973-415-8838
astarr@6degreespr.com
INVESTOR CONTACT:
Michael Schaffzin
Stern Investor Relations, Inc.
212-362-1200
michael@sternir.com
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