Cara Therapeutics, Inc. (NASDAQ:CARA) announced the pricing of its underwritten public offering of 4,500,000 shares of its common stock at a public offering price of $19.00 per share. The Company also granted the underwriters a 30-day option to purchase up to 675,000 additional shares of its common stock, which has been fully exercised for a total gross proceeds of $98.3 million.
Janney Montgomery Scott LLC acted as a co-manager in this offering.
About Cara Therapeutics, Inc.
Cara Therapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pruritus and pain by selectively targeting peripheral kappa opioid receptors (KORs). Cara is developing a novel and proprietary class of product candidates, led by KORSUVA™ (CR845/difelikefalin), a first-in-class KOR agonist that targets the body's peripheral nervous system, as well as certain immune cells. In Phase 2 trials, KORSUVA injection has demonstrated statistically significant reductions in itch intensity and concomitant improvement in quality of life measures in hemodialysis patients with moderate-to-severe chronic kidney disease-associated pruritus (CKD-aP), and is currently being investigated in Phase 3 trials in hemodialysis patients with CKD-aP. Additionally, in a recently completed Phase 2/3 trial in post-operative patients, I.V. CR845/difelikefalin has demonstrated reduction in moderate-to-severe pain, while also reducing the incidence and intensity of nausea and vomiting throughout the post-operative period.
About Janney
Established in 1832, Janney Montgomery Scott LLC is a leading full-service investment banking and financial services firm serving individual, corporate, institutional and government clients. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company, one of the 15 largest mutual insurance companies in the nation, and is a member of the New York Stock Exchange, Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.
Janney's Investment Banking Team
Janney’s Investment Banking practice is a leader in middle-market financing solutions. We place a high value on our consistent track record of delivering solutions to our clients, since 2009, we have completed 605 transactions aggregating $85B in transaction value. We work with clients on a highly-personalized basis, providing exceptional service, commitment and senior level attention.
