ANN ARBOR — The Ann Arbor drug developer Esperion Therapeutics Inc. (Nasdaq: ESPR) said Tuesday it had closed the sale of more than 2 million shares of stock, raising nearly $190 million.
The company said it had sold 2,012,500 sahres of stock at $100 a share. Included was the full option by undrewriters to sell an additional 262,500 shares, based on strong demand.
Esperion said it will use proceeds of the stock sale to complete the clinical development of its lead drug candidate, ETC-1002, as well as for working capital and “general corporate and administrative expenses.”
The final prospectus on the offering is available at www.sec.gov.
Esperion had been selling just under $60 a share before rising as high as $115.58 last week based on news of a successful clinical trial of ETC-1002.
In after hours trading Tuesday, Esperion stock closed at $101.59, down $1.15 or 1.1 percent for the session. It started the regular trading day Tuesday at $114.65.
Esperion went public in an offering of $73 million in stock in June 2013, and raised another $98 million in an offering in October 2014.
Esperion is working on drugs that lower low-density lipoprotein, the so-called bad cholesterol, in people who experience problematic side effects from today’s cholesterol-lowering drugs, called statins. It’s being studied both being taken alone, and in combination with a low dose of statins for patients who can’t tolerate the levels of statins required to cut cholesterol levels effectively.
Two weeks ago, the company announced positive results of a Phase 2b clinical trial of ETC-1002 in combination with statins. The drug produced reductions in LDL between 27 and 24 percent greater than patients on statin therapy alone.
The company also said ETC-1002 produced reductions of up to 30 percent in high-sensitivity C-reactive protein (hsCRP), which Esperion called an important marker of inflammation in coronary disease.
More at www.esperion.com.