ANN ARBOR — Turns out there was no problem with the demand for stock in the Ann Arbor cholesterol-busting drug developer Esperion Therapeutics Inc. (Nasdaq: ESPR).
The company announced Tuesday that its public offering of 4,887,500 shares of stock had concluded at $20 a share — including the full exercise of underwriters to buy up to 637,500 shares of additional stock at that price, which will presumably wind up in the hands of investors as well.
That brings the total proceeds of the offering to Esperion to $91.6 million, after deducting underwriting discounts and commissions and expenses.
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.
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 http://www.esperion.com.
For a prospectus on the offering, visit http://www.sec.gov or contact the offering managers.
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.