ANN ARBOR — The cholesterol-fighting drug developer Esperion Therapeutics Inc. (NASDAQ:ESPR) Tuesday announced the proposed sale of $150 million of its common stock in an underwritten public offering.
Esperion also expects to grant the underwriters a 30-day option to purchase up to $22.5 million of additional shares of its common stock.
The company said it would use the net proceeds of the offering to continue the research into its novel cholesterol-fighting drugs. Esperion’s research involves new drugs that allow for lower doses of today’s statin drugs, since statins can cause side effects such as muscle pain and weakness, while still cutting artery-clogging cholesterol.
The securities described may be offered by Esperion pursuant to a shelf registration statement on Form S-3 including a base prospectus. A preliminary prospectus supplement related to the offering and a final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.