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Egalet Announces Closing of Public Offering of Common Stock and Exercise in Full of Underwriters' Option to Purchase Additional Shares | ||
By: PR Newswire Association LLC. - 31 Jul 2015 | Back to overview list |
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WAYNE, Pa., July 31, 2015 /PRNewswire/ -- Egalet Corporation (Nasdaq: EGLT) ("Egalet"), a fully integrated specialty pharmaceutical company focused on developing, manufacturing and marketing innovative pain treatments, today announced the closing of its previously announced underwritten public offering of 7,666,667 shares of its common stock at a public offering price of $11.25 per share. The shares of common stock in the offering included 1,000,000 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares at the public offering price, less underwriting discounts. The aggregate gross proceeds to Egalet from this offering are expected to be approximately $86.3 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Egalet. Egalet anticipates using the net proceeds from the offering to fund research and development, including life cycle management for SPRIX® (ketorolac tromethamine) Nasal Spray and OXAYDO™ (oxycodone HCI, USP), to expand commercial sales and marketing efforts, and for general corporate purposes, including potential business development opportunities. Stifel and Guggenheim Securities acted as joint bookrunning managers for the offering. The securities described above were offered by the Company pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the "SEC") on May 6, 2015. A prospectus supplement and the accompanying prospectus relating to the securities was filed with the SEC and is available on the SEC's website at http://www.sec.gov. The offering was made only by means of the written prospectus and prospectus supplement that form a part of the registration statement. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities offered may also be obtained from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104 or via telephone at (415) 364-2720 or via email at syndprospectus@stifel.com and Guggenheim Securities, LLC at 330 Madison Avenue, New York, NY 10017 or at (212) 518-9658. This announcement is neither an offer to sell, nor a solicitation of an offer to buy, any of these securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale is unlawful. About Egalet Please see full prescribing information for OXAYDO at oxaydo.com and full prescribing information for SPRIX at sprix.com. Safe Harbor Investor and Media Contact: Logo - http://photos.prnewswire.com/prnh/20140219/NY67493LOGO SOURCE Egalet Corporation |
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