Underwriters Purchase Cambridge NeuroScience Shares
- Cambridge NeuroScience has announced that the underwriters of itsrecent public offering have exercised their over-allotment option in full to purchase 360,000 shares of the firm's common stock at $11 per share. Total gross proceeds from the over-allotment were $3.96 million. Combined with the gross proceedings at the close of the offering, Cambridge NeuroScience received $30.36 million. Net proceeds will be used to fund clinical trials and other R&D activities, and for general corporate purposes. The firm's most advanced product candidate is Cerestat (aptiganel), a small-molecule ion-channel blocker, which is in Phase III clinical trials for the treatment of traumatic brain injury and stroke.
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