Cerevel Therapeutics Holdings Inc (NASDAQ:CERE) shares are trading lower by 7.1% to $32.00 during Tuesday’s trading session after the company priced its underwritten common stock offering of 7.25 million shares at $35 per share.
What Else?
Cerevel last week said the company intends to use the net proceeds from the offering of common stock and, if consummated, the concurrent offering of the notes:
- (i) to support the continued development of emraclidine, including to accelerate registration-enabling activities;
- (ii) to evaluate the potential of emraclidine in other populations, including Alzheimer’s disease psychosis;
- (iii) to accelerate market development and pre-commercial planning activities for emraclidine and tavapadon;
- (iv) to advance the remainder of the programs in its pipeline, including darigabat, and its other promising earlier-stage programs, including CVL-354, its selective KORA
- (v) for working capital and other general corporate purposes, including to extend its cash runway.
- See Also: Here’s What’s Going On With Zomedica Shares
According to data from Benzinga Pro, Cerevel Therapeutics has a 52-week high of $46.16 and a 52-week low of $19.86.
