In addition to the shares being offered by the company, 83,000 shares will be offered by a selling stockholder. The company will grant the underwriters a 30-day option to purchase up to an additional 412,500 shares of common stock at the public offering price.
The company intends to use the net proceeds from this offering to complete its second Phase III Fampridine-SR clinical trial in multiple sclerosis and to conduct other activities related to the filing of a new drug application and preparation for potential market launch of Fampridine-SR (if approved), for R&D and for general corporate purposes.