Underwriters Purchase 200,000 Units of NeoTherapeutics
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NEWPORT BEACH — NeoTherapeutics Inc.’s underwriters exercised their option to purchase 200,000 units at $7.60 a unit. The company said each unit consists of one common share and one warrant to purchase one common share.
The underwriters’ purchase generated another $1.52 million, raising total proceeds for the company’s Sept. 26 initial public offering to about $20.5 million.
The offering was of 2.5 million units priced at $7.60 each.
NeoTherapeutics develops new drugs to treat neurodegenerative diseases and conditions.
Paulson Investment Co. and First Colonial Securities Group Inc. are the managing underwriters.
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