CHMA - NetworkNewsBreaks - Chiasma Inc. (NASDAQ: CHMA) Closes $34.5M Offering Including Full Exercise of Underwriters' Option
Chiasma (NASDAQ: CHMA), a clinical-stage biopharmaceutical company focused on improving the lives of patients with rare and serious chronic diseases, recently announced the closing of its underwritten public offering of 7,263,158 shares of its common stock at a price to the public of $4.75 each. The shares include 947,368 additional shares of common stock that were sold pursuant to the over-allotment option granted by the company to the underwriters, which was exercised in full. Chiasma received total gross proceeds of approximately $34.5 million, which the company intends to use primarily toward development costs, including the conduct of its ongoing phase 3 clinical trials of octreotide capsules, as well as toward the preparation for potential commercialization in the United States, and for working capital and other general corporate purposes. Cantor Fitzgerald & Co. served as sole book-running manager for the offering. H.C. Roth Capital Partners, Wainwright & Co., Brookline Capital Markets, a division of CIM Securities, LLC and LifeSci Capital LLC served as co-managers for the offering.
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About Chiasma
Chiasma, Inc. is focused on improving the lives of patients who face challenges associated with their existing treatments for rare and serious chronic diseases. Employing its Transient Permeability Enhancer (TPE®) technology platform, Chiasma seeks to develop oral medications that are currently available only as injections. In September 2017, the company initiated CHIASMA OPTIMAL, its third Phase 3 clinical trial for its octreotide capsules product candidate, conditionally trade-named MYCAPSSA®, for the maintenance therapy of adult patients with acromegaly in whom prior treatment with somatostatin analogs has been shown to be effective and tolerated following agreement with the FDA on the design of the trial through a special protocol assessment. Chiasma is headquartered in Waltham, MA with a wholly-owned subsidiary in Israel. MYCAPSSA, TPE and CHIASMA are registered trademarks of Chiasma. For more information, visit the company’s website at www.ChiasmaPharma.com.
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