Chelsea Therapeutics announces underwriters exercise 1.07 million additional shares to cover over-allotments

Oct 7 2010

Chelsea Therapeutics International, Ltd. (Nasdaq:CHTP) has completed its previously announced public offering of common stock and announced that the underwriters exercised their option to purchase approximately 1.07 million additional shares to cover over-allotments. Exercise of the full over-allotment option increases the net proceeds to the company, after underwriting discounts and commissions and expenses, from approximately $32.8 million to $37.8 million.

Chelsea intends to use the net proceeds from the offering to fund its droxidopa programs, including commercialization and marketing activity for Northera™ (droxidopa), to fund its study of CH-4501 for the treatment of rheumatoid arthritis, to fund development of its other product candidates and for general corporate purposes.