If I'm reading the offering correctly, this looks like a great deal for CARA. They are only diluting by about 5M shares. Total outstanding will increase to approx 32M (up from 27M) which is still comparatively very low for a company of this type. The company will have about $80M in additional cash which can carry them thru the next phases of testing.
They timed this offering perfectly. Less than a month ago they would have had to dilute by double the number of shares to raise the same amount of cash.
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