Cara Therapeutics Inc. started an underwritten public offering of $80 million of its common shares.
The company expects to grant the underwriters an option to buy up to $12 million of additional shares.
Cara plans to use the proceeds to fund its clinical and research development activities, including the completion of the phase 3 program for I.V. CR845 in uremic pruritus, two phase 3 trials of I.V. CR845 in acute pain and a phase 2b trial of oral CR845 in osteoarthritis pain, as well as for working capital and general corporate purposes.
Piper Jaffray & Co. and Stifel are acting as joint book-running managers for the proposed offering.