Zynerba raises $50.4M in follow-on

Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) raised $50.4 million through the sale of 2.8 million shares at $18 in a follow-on underwritten by Jefferies, Piper Jaffray, Cantor Fitzgerald, Oppenheimer and Roth Capital Partners. The price is a 20% discount to Zynerba's closing price of $22.46 on Wednesday, before it proposed the offering after market hours. Zynerba lost $4.35 (19%) to $18.11.

Zynerba's ZYN002 is in Phase II studies to treat refractory epilepsy patients with focal seizures, knee pain due to osteoarthritis (OA) and fragile X syndrome. The candidate is a synthetic cannabidiol (CBD) formulated as a transdermal gel...