WASHINGTON (dpa-AFX) - ADARx Pharmaceuticals, Inc. revealed Monday that it has priced an initial public offering or IPO, of 21.875 million shares of its common stock between $15.00 and $17.00 per share, according to an amended Form S-1 filing with the U.S. Securities and Exchange Commission.
The San Diego, California-based late-clinical stage biotechnology company has applied to list its common stock to trade on The Nasdaq Global Select Market under the symbol 'ADRX.' The offering is contingent upon obtaining such approval.
The underwriters have reserved up to 2% of the shares of common stock offered hereby, for sale, at the IPO price, to directors and officers and certain of its employees, business associates, investors and friends and family of its directors, officers, employees, business associates and investors.
AbbVie, Inc. (ABBV) has agreed to purchase, in a concurrent private placement, a number of shares of its common stock that would result in AbbVie owning approximately 4.9% of the outstanding shares of common stock.
The company has granted the underwriters an option for a period of 30 days to purchase up to 3.28 million additional shares of common stock from at the public offering price, less underwriting discounts and commissions, on the same terms as set forth in this prospectus.
The company estimates that the net proceeds to us from this offering and concurrent private placement will be approximately $397.1 million, or approximately $445.9 million if the underwriters exercise their option to purchase additional shares in full, assuming an initial public offering price of $16.00 per share, which is the midpoint of the price range.
The company intends to use the net proceeds from this offering and concurrent private placement, together with existing cash, cash equivalents and short-term investments for development of drugs through clinical trials as well as for working capital and other general corporate purposes.
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