Chelsea Therapeutics Prices $20 Mln Stock Offering

(RTTNews) - Chelsea Therapeutics International, Ltd. (CHTP) said Wednesday that it has priced an underwritten public offering of about 6.67 million shares of its common stock at an offering price of $3.00 per share, for total gross proceeds of about $20 million.

The company has granted the underwriters a 30-day option to purchase up to 1 million additional shares of its common stock to cover over-allotments, if any.

The offering is expected to close on November 18.

The company plans to use the net proceeds from the offering to fund its droxidopa program, including regulatory and possible initial commercialization activity for NORTHERA, and for general corporate purposes.