Cara Therapeutics Prices IPO At $11/shr, Low End Of Expected Range

(RTTNews) - Cara Therapeutics Inc., a biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pain by selectively targeting kappa opioid receptors, announced Friday that it has priced its initial public offering of 5.00 million shares of common stock at a public offering price of $11.00 per share, before underwriting discounts, which is the low end of the previously expected range of $11.00 and $13.00 per share.

In addition, Cara Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock at the same price to cover over-allotments, if any.

The shares are scheduled to begin trading on the NASDAQ Global Market on January 31, 2014 under the ticker symbol "CARA."

The offering is expected to close on February 5, 2014, subject to customary closing conditions.