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Mar 17, 2008

Corcept to Reap $25.3M from Private Equity Financing

  • Corcept Therapeutics expects to raise $25.3 million through a private equity financing. Expected to close on March 25, the capital will help the company propel its pipeline of CNS therapeutics, which includes a Phase III  candidate.

    The definitive agreement calls for the private placement of approximately 8.9 million shares of its common stock at $2.77 per share and warrants to purchase approximately 4.5 million shares at $0.125 per warrant. The warrants have a seven-year term and an exercise price of $2.77 per share.

    The proceeds will go toward the next Phase III study evaluating Corlux in the treatment of the psychotic features of psychotic depression. The firm will also tap into the funding to conduct the first clinical trial of Corlux in Cushing's syndrome and to evaluate the management of weight gain induced by antipsychotic medications. Corcept will also continue to further its GR-II antagonist platform on which Corlux is based.

    Investors led by Longitude Capital Management have committed to purchase the shares. Other investors participating in the offering include Paperboy Ventures, Sutter Hill Ventures, Alta Partners, and venture capital firms that are significant shareholders in Corcept.

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