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Novus Therapeutics starts common stock offering

Irvine, Calif.- based Novus Therapeutics Inc. started an underwritten public offering of 6 million common shares.

The pharmaceutical company will give underwriters a 30-day option to buy up to an additional 900,000 shares.

Net proceeds will be used to fund two phase 2 clinical trials for drug OP-02 to treat and prevent otitis media, an inflammation of the middle ear.

Piper Jaffray & Co. is sole book-running manager for the offering, with Ladenburg Thalmann & Co. Inc. and LifeSci Capital LLC as co-managers.

Novus Therapeutics develops products for ear, nose and throat diseases.