Zynerba Prices Offering At $18/Share

(RTTNews) - Zynerba Pharmaceuticals, Inc. (ZYNE) has offered to sell 2.8 million shares of its common stock at $18.00 per share, with expected gross proceeds of $50.4 million. Zynerba also granted the underwriters a 30-day option to purchase up to 420,000 additional common shares. The offering is expected to close on or about January 24, 2017. The company had cash and cash equivalents of $31.8 million as of September 30, 2016.

Zynerba plans to use the net proceeds of the proposed offering to continue to fund the clinical development of ZYN002 and ZYN001, for research and development, and for general corporate purposes.

The company's most-advanced product candidate is ZYN002-CBD Gel, which is under phase II development for refractory epilepsy, osteoarthritis of the knee and Fragile X Syndrome. The top-line results from all three phase II clinical trials are expected in the first half of 2017.

Zynerba expects to initiate Phase 1 clinical trials to evaluate the pharmacokinetic profile and tolerability of ZYN001 in healthy volunteers in the first half of 2017.

ZYNE closed Thursday's regular trading session down 19.37% at $18.11.