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Jul 16, 2008

Jazz Pharmaceuticals to Raise $26M

  • Jazz Pharmaceuticals reports a registered direct offering of a combination of stock warrants worth $26 million. The company’s costs in connection with the offering are expected to be approximately $1.5 million.

    Selected investors will buy 3,848,289 units for $6.75625 each. Every unit comprises one share of the company’s common stock, par value $0.0001 per share, and a warrant to purchase 0.45 of a share. The investors will purchase the units for $6.75625 each.

    The warrants represent the right to acquire an aggregate of up to 1,731,724 shares. They have a six-year term and are exercisable six months after the date of issuance at a price of $7.37 per share.

    The transaction is expected to close on or about July 21. Jazz Pharmaceuticals says that it will use the money to fund commercial activities related to its obsessive compulsive disorder medication, Luvox®,  which was approved in February.

    The company will also put some of the funding toward completion of the Phase III studies of JZP-6 for the treatment of fibromyalgia and for general corporate purposes.

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Scientifically Studying Ecstasy

MDMA (commonly known as the empathogen “ecstasy”) is classified as a Schedule 1 drug, which is reserved for compounds with no accepted medical use and a high abuse potential. Two researchers from Stanford, however, call for a rigorous scientific exploration of MDMA's effects to identify precisely how the drug works, the data from which could be used to develop therapeutic compounds.

Do you agree that ecstasy should be studied for its potential therapeutic benefits?

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