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Axsome Therapeutics raises $200.1M in share offering

Axsome Therapeutics Inc. raised $200.1 million in gross proceeds from its common stock offering after underwriters fully exercised the option to purchase additional shares.

The New York-based biopharmaceutical company sold 2.3 million common shares at $87 apiece, including 300,000 shares purchased by underwriters.

Axsome, which develops treatments for disorders affecting the central nervous system, plans to use proceeds from this offering to fund development of its drug candidates, clinical programs as well as for general corporate purposes.

The U.S. Food and Drug Administration has granted a fast track designation to the company's drug candidate AXS-05 for treatment-resistant depression and certain symptoms of Alzheimer's disease. Additionally, the drug is being evaluated as a treatment for major depressive disorder under a breakthrough therapy designation.

The experimental treatment, which consists of dextromethorphan and generic drug for smoking cessation bupropion, also helped reduce daily smoking in adults in a phase 2 trial.

SVB Leerink was lead book-running manager for the offering, while Morgan Stanley was joint book-running manager.

Cantor Fitzgerald & Co., Ladenburg Thalmann & Co. Inc., SunTrust Robinson Humphrey Inc. and William Blair & Company LLC were co-lead managers, while BTIG LLC and H.C. Wainwright & Co. were co-managers for the transaction.