Ventrus raises $20 million in offerings
Ventrus Biosciences Inc. (NASDAQ:VTUS) raised $20 million through a combination of a follow-on and an offering of series A non-voting convertible preferred stock. Ventrus raised $14.5 million through the sales of 5.8 million shares at $2.50 in the follow-on and $5.5 million through the sale of 220,000 series A shares at $25. Each series A share is convertible into 10 common shares. William Blair was underwriter.
Ventrus raised almost half of its market cap in the offering. Based on the company's close of $3.28 on Tuesday, before the offerings were announced, Ventrus' market cap was $42.4 million. The company was off $0.75 (23%) to $2.53 on Wednesday, for a closing market cap of $47.4 million including the common shares sold in the offering. ...