Tetraphase Pharmaceuticals, Inc. (TTPH)

[rusty8350]

"After underwriting discounts and commissions"

They still basically paid $6.50 - TTPH just gave them a discount to account for the underwriting costs. Rather than pay those costs upfront, they gave them the option to purchase shares.

The fact that the underwriters chose that route and purchased these shares is actually good news. Sometimes underwriters could care less and just want their money, but in this case, they chose to purchase these shares. Likely because they also see the value here at these levels.