Cara Therapeutics Inc. closed its underwritten public offering of 5,117,500 common shares at $18 apiece with expected gross proceeds of about $92.1 million.
The shares sold included the full exercise of the underwriters' option to buy 667,500 additional shares.
Cara Therapeutics plans to use the proceeds to fund the company's 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 the drug 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 acted as joint book-running managers for the offering. Canaccord Genuity Inc., Needham & Co. LLC, Janney Montgomery Scott LLC and H.C. Wainwright & Co. LLC acted as co-managers.