>>Neurogen Closes $40 Million Registered Direct Offering of Common Stock
Friday December 22, 4:15 pm ET
BRANFORD, Conn., Dec. 22 /PRNewswire-FirstCall/ -- Neurogen Corporation (Nasdaq: NRGN - News) today announced it has closed its previously announced registered direct offering of common stock, resulting in receipt by the Company of approximately $37.3 million in net proceeds, after payment of expenses.
In the offering, Neurogen issued 6,993,000 shares of its common stock to selected institutional investors at a price of $5.72 per share, the NASDAQ closing price on December 18, 2006, the date of pricing for the offering, for a total offering value of $40 million. Pacific Growth Equities, LLC acted as lead placement agent, and CIBC World Markets Corp., Leerink Swann & Company and Merriman Curhan Ford & Co. acted as placement agents for the offering. The shares were offered under the Company's effective shelf registration statement.<<
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Not a shareholder yet, because I haven't figured out how NRGN's programs stack up to competition, and what their partnering strategy is. Need to dig more. But the insomnia market is getting so crowded, while VR1 programs keep showing up (though I believe NRGN is at the front of the pack).
Cheers, Tuck |
