Vitae Pharmaceuticals, which is developing small molecule drugs for type 2 diabetes and Alzheimer's, raised $55 million by offering 6.9 million shares at $8, well below its $11-$13 price range. The Fort Washington, PA-based company had initially planned to raise $60 million by offering 5.0 million shares. At $8, Vitae now has a fully diluted market cap of $144 million, 27% below its initial proposed market cap of $198 million. Vitae Pharmaceuticals trades under the symbol VTAE on the NASDAQ. The stock was up 0.25% in late morning trading. Stifel and BMO Capital Markets acted as the joint bookrunners on the deal.
