CAPR Prices Offering At $3.20/Share

(RTTNews) - Capricor Therapeutics Inc. (CAPR) has offered to sell 3 million shares of its common stock at a price of $3.20 each.

While 2,687,500 shares of the company's common stock will be purchased by the underwriters in an underwritten registered public offering, 312,500 shares will be purchased by Cedars-Sinai Medical Center, a stockholder of Capricor, from Capricor directly.

The underwriters have been granted a 30-day option to purchase up to an additional 403,125 shares of the company's common stock.

The proceeds to Capricor from the offerings are expected to be approximately $8.7 million after deducting underwriting discounts and commissions and other estimated offering expenses but excluding any exercise of the underwriters' option. The company had cash of about $11.4 million at June 30, 2016. The offerings are expected to close on or about September 21, 2016, subject to customary closing conditions.

The company's product candidates include an allogeneic, cardiosphere-derived cell product CAP-1002, and natriuretic peptide, Cenderitide.

CAP-1002 is under a phase I/II trial for Duchenne muscular dystrophy associated cardiomyopathy, dubbed HOPE; a phase I trial in advanced heart failure, known as DYNAMIC and phase I/II trial in post myocardial infarction, dubbed ALLSTAR.

Cenderitide is under a phase II study in patients with stable, chronic heart failure.

The HOPE trial has completed enrollment with 25 subjects, and top-line six-month data from this trial are expected in the first quarter of 2017.

CAPR closed Friday's trading at $3.57, down 4.03%.