>>Neurogen Raises $40 Million In Registered Direct Offering of Common Stock
Tuesday December 19, 9:07 am ET
BRANFORD, Conn., Dec. 19 /PRNewswire-FirstCall/ -- Neurogen Corporation (Nasdaq: NRGN - News) today announced it has entered into definitive purchase agreements with selected institutional investors to purchase $40 million of its common stock in a registered direct offering. Under the terms of the offering, Neurogen will sell 6,993,000 shares of its common stock at a price of $5.72 per share, the NASDAQ closing price on December 18, 2006, the date of pricing for the offering. Net proceeds, following the payment of expenses, are expected to be approximately $37.3 million.
Pacific Growth Equities, LLC acted as lead placement agent, and CIBC World Markets Corp., Leerink Swann & Co. and Merriman Curhan Ford & Co. acted as placement agents for the offering. The shares are being offered under the company's effective shelf registration statement. The closing of the transaction is expected to occur on December 21, 2006.
The net proceeds from this offering will be used for clinical and preclinical development of existing product candidates, discovery of additional product candidates, capital expenditures and other general corporate purposes.<<
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So now they have the money for the trials of aplindore. Just noticed that Anesiva (ANSV) also a VR1 program. I can't remember if that's been mentioned here before. ANSV came out through Corgentech after their crash.
Cheers, Tuck |
