Neptune Technologies & Bioressources Inc. (NEPT: Quote), a Canada-based biotechnology company, on Tuesday priced an underwritten public offering of 7.33 million newly issued common shares at $4.10 per share. Neptune expects to realize nearly $30 million through the offering, which will be closed on October 2, 2012.
In addition, the company shall grant underwriters an additional 1.09 million shares at the offering price for the period ending 30 days from the closing of the offering.
Neptune intends to use funds from the offering for sales, marketing and krill inventory purchases, to support its subsidiaries, fund the expansion of its Sherbrooke plant and also fund product development, clinical trials and regulatory affairs of the company among others.
For the offering, RBC Capital Markets and JMP Securities LLC are acting as Joint Book-Running Managers, while Byron Capital Markets and John Thomas Financial are acting as Co-Managers.
The stock is currently trading at $4.23, down $0.24 or 5.37 percent on the Nasdaq.
by RTT Staff Writer
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