Cadence Pharma to raise $49.3M

San Diego, USA-based Cadence Pharmaceuticals, which is focused on in-licensing, developing and commercializing proprietary product candidates principally for use in the hospital setting, announced that it has received commitments from selected investors to purchase up to 9,240,307 shares of the firm's common stock at a purchase price of $5.34 per share pursuant to an effective shelf registration statement.

The closing of the offering is expected to take place on February 20. The total number of shares to be sold may be reduced to 8,056,716 and the gross proceeds may be cut to $43.0 million pending the determination of a Nasdaq rule, the firm stated.