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Neurocrine Biosciences closes stock offering

Wed, 03/17/2010 - 3:17am
The Associated Press

Biotechnology company Neurocrine Biosciences Inc. said Tuesday it completed a stock offering for proceeds of about $23 million.

On Friday, the company priced its offering of $9.1 million shares at $2.20 apiece, which marked a 15.4 percent discount at the time. The company will use proceeds to fund research and development and general corporate purposes.

Underwriters exercised their option to buy just under $1.4 million additional shares to cover overallotments. Jefferies & Co. was the sole book-running manager.

The company had $44.1 million shares of stock outstanding as of Jan. 29.

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