MAP Pharmaceuticals, Inc. Prices 3.88M Common Share Public Offering at $13.40 Per Share
MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced the pricing of an underwritten public offering of 3,880,598 shares of its common stock at a price of $13.40 per share to the public. All of the shares are being sold by MAP Pharmaceuticals. The gross proceeds to MAP Pharmaceuticals from this offering are expected to be approximately $52 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by MAP Pharmaceuticals. The offering is expected to close on or about August 6, 2012, subject to the satisfaction of customary closing conditions. MAP Pharmaceuticals has also granted the underwriters a 30-day option to purchase an additional 582,088 shares of common stock. MAP Pharmaceuticals intends to use the proceeds from the offering for general corporate purposes and commercialization activities for LEVADEX®, an orally inhaled investigational drug for the acute treatment of migraine.
BofA Merrill Lynch is acting as the sole book-running manager for the offering.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.