Cara Therapeutics Announces Closing of Its Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Pur...
CARA THERAPEUTICS, INC. (NASDAQ:CARA)
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.
