Alcobra Raises $33 Million In Secondary Nasdaq Offering

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The ADHD treatment developer raised $27 million in its IPO in May.

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Alcobra Pharmaceuticals Ltd. (Nasdaq: ADHD) raised a gross $33 million in its secondary offering on Thursday. The company issued two million shares at $16.50 per share. The underwriters, Stifel Nicolaus, Aegis Capital Corp., JMP Securities have a 30-day option to buy additional 300,000 shares. Alcobra will use the proceeds for the development of its proprietary drug, MG01CI (Metadoxine extended-release), for the treatment of ADHD and Fragile X Syndrome, a factor in autism.

Alcobra raised $27 million in its IPO in May.

Alcobra’s share price closed at $17.01 on Friday, giving a market cap of $189 million, after falling 0.5% during the session.

Published by http://www.globes-online.com/