Relmada Prices Upsized Public Offering Of 8.82 Mln Shares At $17/shr

Relmada Therapeutics, Inc. (RLMD), a company focused on the diseases of central nervous system, announced the pricing of its upsized underwritten public offering of 8.82 million shares of common stock at $17 per share.

The upsized public offering is expected to close on December 13 and the gross proceeds from the offering are expected to be approximately $150 million, the company said in a statement.

The Florida-headquartered company intends to use the net proceeds of the offering to fund research and development activities for its clinical development programs related to REL-1017 or esmethadone, an anti depressant.

In addition, it aims to utilize the proceeds of the offering for working capital and general corporate purposes.

Meanwhile, the drug maker has granted the underwriters a 30-day option to purchase up to an additional 1.32 million shares of Relmada's common stock at the public offering price.

Goldman Sachs & Co. LLC, Jefferies and Guggenheim Securities are acting as joint book-running managers for the offering.

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