Alcobra Ltd., an emerging biopharmaceutical company primarily focused on the development and commercialization of a proprietary drug, MG01CI, announced the pricing of initial public offering of 3.125 million ordinary shares at $8.00 per share, below its expected price range. The offering is expected to close on May 28, 2013.
In the amended F-1filing with the SEC, the company had expected the pricing between $10.00 and $12.00 per share.
The company, which is developing a treatment for attention deficit hyperactivity disorder, expects gross proceeds from the initial public offering to be $25 million before underwriting discounts and commissions and other offering expenses.
Alcobra, which was founded in 2008, has granted the representative of the underwriters a 45-day option to purchase up to 458,125 additional ordinary shares from Alcobra to cover over-allotments.
Israel-based company's ordinary shares are scheduled to begin trading on The NASDAQ Capital Market on May 22, 2013 under the symbol "ADHD."
Aegis Capital Corp. is acting as sole book-running manager for the offering. Sunrise Securities Corp. and Feltl & Company, Inc are acting as co-managers for the offering.
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