Acorda proposes sale of 2.75M shares
-
- February
- 6
Acorda Therapeutics Inc. plans to sell 2.67 million shares of its common stock in a public offering, it said today.
In addition, the Hawthorne-based biotechnology company plans to offer 83,000 shares on behalf of a selling shareholder.
Acorda also plans to use the proceeds from the offering to fund further research into its Fampridine-SR drug for treatment of multiple sclerosis.
Additionally, the company will use the funds to assist with costs associated with bringing the drug to market, should it receive regulatory approval, and for general corporate purposes, it said.
J.P. Morgan Securities Inc. and Deutsche Bank Securities are the offering’s joint underwriters.
Under terms of the proposed offering, underwriters will have a 30-day option to purchase up to an additional 412,500 shares at the public offering price, which has yet to be determined.
Shares of the company were lower in trading this afternoon, down $2.33, or 8.9 percent, to $24 a share.
This entry was posted
on Wednesday, February 6th, 2008 at 3:15 pm by David Schepp.
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