Cynapsus Therapeutics, which is developing an easier-to-use formulation of apomorphine for Parkinson's disease, raised $63 million by offering 4.5 million shares at $14, below the most recent closing price of $14.80 (C$18.25) on the Toronto Stock Exchange. As announced in a filing late Wednesday afternoon, Dexxon, which is Cynapsus' largest shareholder, invested $10 million at the IPO price, covering 16% of the deal. Cynapsus Therapeutics, which already trades on the Toronto Stock Exchange under the symbol CTH, plans to list on the NASDAQ under the symbol CYNA. BofA Merrill Lynch acted as a lead manager on the deal.
