ANN ARBOR — Esperion Therapeutics Inc. (Nasdaq: ESPR) has priced the offering of 4.25 million shares of its common stock at $20 a share.
The offering is expected to provide $85 million in proceeds to the developer of a new class of cholesterol-fighting drugs, minus underwriting discounts, commissions and expenses.
The underwriters have also been given an option to purchase up to another 637,500 shares of Esperion stock at $20 a share.
Esperion said the offering is expected to close Oct. 21.
Esperion says it intends to use the net proceeds from the offering to fund the continued development of its lead drug candidate, ETC-1002, through Phase 3 clinical testing, as well as development of commercial production potential for the drug, regulatory compliance costs, working capital and general corporate and administrative expenses.
J.P. Morgan and BofA Merrill Lynch are acting as joint book-running managers for the offering with JMP Securities, Stifel, and Needham & Co. as co-managers.
For a prospectus on the offering, visit www.sec.gov or contact the offering managers.
ETC-1002 has shown promise in earlier tests in lowering low-density lipoprotein cholesterol, the so-called bad cholesterol, as well as reducing other markers of potential cardiovascular disease — without producing the side effects some people experience with today’s statin drugs, including muscle pain and weakness.
More at www.esperion.com.