CARA Prices Offering At $18.60/Share

(RTTNews) - Cara Therapeutics Inc. (CARA) has offered to sell 3.76 million shares of its common stock to the public at a price of $18.60 each. The underwriters have a 30-day option to purchase up to 564,516 additional shares of common stock.

The gross proceeds from the offering are expected to be approximately $70 million. The company ended March 31, 2015 with cash of $47.4 million.

Cara reported positive top-line data from its phase II trial of its lead kappa opioid agonist, I.V. CR845, for the treatment of moderate to severe uremic pruritus last week.

According to the trial results, CR845 demonstrated a statistically significant effect, not only the primary endpoint of reducing the itch intensity for dialysis patients, but also in important quality of life measurements, along with a favorable safety and tolerability profile.

A phase II trial for Oral CR845 in osteoarthritis patients is expected to be initiated this quarter, and top-line data are expected by the end of 2015.

CARA closed Wednesday's trading at $19.30, down 0.05%. In after hours, the stock was down 1.04% at $19.10.