Cerecor Inc (NASDAQ:CERC) announced Monday the closing of a $10 million stock offering to help bolster its drug pipeline.
The company said in a statement that it made 1.8 million shares of its common stock available to the public at $5.50 per share. It plans to use roughly $9 million in proceeds to support the development of drugs in the areas of neurology and pediatric rare disease.
At the forefront of Ceracor’s pipeline is CERC-304, which treats neurogenic orthostatic hypotension, a rare disorder that causes low blood pressure when a person stands up.
The Rockville, Maryland-based company’s stock was flat on Monday, ending the day at $5.51.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel