Intec Pharma Prices Public Offering

Intec Pharma shares were down 2% in pre-market trade after the Israel-based drug development company priced an underwritten public offering of 10.6 million of its ordinary shares at a public offering price of $4.70 each, 3.1% lower than the share closing price on Tuesday. The gross proceeds of the offering are expected to be $50 million, before deductions. The offering is expected to close on or about Aug. 21.

Intec Pharma has granted underwriters a 30-day option to buy up to 1.6 million additional ordinary shares to cover over-allotments. The company said it will use the net proceeds from this offering to fund its phase III clinical trial for Accordion Pill Carbidopa/Levodopa, the company’s leading product candidate for the indication of treatment of Parkinson’s disease symptoms in advanced Parkinson’s disease patients.

By Sonia Taylor