Cadence Pharmaceuticals could raise up to $49.34 million through a registered stock offering to private investors. The transaction is expected to close on February 20.
According to the shelf registration statement, private backers will purchase up to 9,240,307 shares of the company’s common stock at $5.34 per share, yesterday’s closing price.
The total number of shares to be sold in the offering may be reduced to 8,056,716 under NASDAQ rules. Gross proceeds may thus go down to $43.0 million.