Pharmaceutical company Inhibikase Therapeutics Inc (Nasdaq:IKT) revealed on Friday the completion of its underwritten public offering of 15 million shares of its common stock.
Under the public offering, the company said it issued the common stock at a price of USD3.00 per share for gross proceeds of USD45m, before deducting underwriting discounts and commissions and offering expenses.
The company has provided the underwriters with a 45-day option to purchase up to an additional 2,250,000 shares of common stock, at the public offering price less discounts and commissions.
Net proceeds may be used by the company to fund Phase 1b extension study for IkT-148009 in Parkinson's patients, the clinical dose calibration study(ies) of IkT-001Pro in healthy subjects to support approval under the Section 505(b)(2) of the Federal Food, Drug and Cosmetic Act, research and developmet, medicinal chemistry, IND-enabling studies, team building and general corporate activities.
For the offering, ThinkEquity acted as sole book-running manager. JonesTrading Institutional Services LLC acted as the co-manager.
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