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Cerecor closes $10M public stock offering to fund treatment pipeline

The deal makes 1.8 million shares of common stock available to the public at $5.50 per share
A person getting blood pressure checked
The company is developing a treatment for a rare blood pressure disorder

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. 

READ: Cerecor shares jump after biopharma clinches new US patent

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.

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