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Cempra Completes $50 Mln IPO

Clinical-stage pharmaceutical company Cempra, Inc. (CEMP: Quote) said Wednesday that it has closed its previously announced initial public offering of 8.4 million shares of common stock at $6.00 per share.

The shares began trading on February 3 on The Nasdaq Global Market under the ticker symbol "CEMP."

Total net proceeds to the company from the offering, after deducting underwriter discounts and commissions and estimated offering expenses, were about $47.7 million.

The company plans to use the net proceeds from the offering to develop two of its product candidates, CEM-101 and Taksta.

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by RTT Staff Writer

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