Cerecor, which is developing a novel adjunct therapy for major depressive disorder, raised $26 million by offering 4.0 million shares at $6.50, within the range of $6 to $7.
In its prior amendment, Cerecor had disclosed that it would be offering 4.23 million units. Each unit will consist of one common share, one Class A warrant immediately exercisable for one share at $4.55 and one Class B warrant immediately exercisable for one-half of one share at an exercise price of $3.90 per full share. Accounting for the dilutive warrants, Cerecor would command a fully diluted market value of $70 million at the midpoint.
Cerecor plans to list on the Nasdaq under the symbol CERCU. Maxim Group acted as lead manager on the deal. The units, common shares (CERC), Class A warrants (CERCW) and Class B warrants (CERCZ) will begin to trade separately on the 60th day following the offering.
