Intra-Cellular raises $300M in follow-on

Intra-Cellular Therapies Inc. (NASDAQ:ITCI) raised $300 million through the sale of 6.9 million shares at $43.50 in a follow-on underwritten by Leerink; Cowen; RBC Capital Markets; and Guggenheim Securities. The company proposed the offering on Monday after market close when its shares were valued at $50.85. The company lost $5.90 (12%) to $44.95 on Tuesday.

Last week, Intra-Cellular's ITI-007 met the primary endpoint in a Phase III study to treat schizophrenia. The company hopes to submit an NDA to FDA by 1H17 (see BioCentury Extra, Sept. 16). ITI-007 is a dual serotonin (5-HT2A) receptor antagonist and dopamine receptor phosphoprotein modulator (DPPM). ...