Ft. Washington’s Vitae Pharma Closes Stock Sale

Vitae Pharmaceuticals Inc., a Fort Washington biotechnology company, closed its public stock offering. It generated $35 million in proceeds, writes John George of the Philadelphia Business Journal.

Vitae sold 5.83 million shares of common stock at $6 per share.

According to George, that amount of the offering could grow by another $5.25 million. That is if underwriters exercise their option to purchase up to an additional 875,000 shares to cover overallotments.

Vitae, plans to use part of the proceeds to fund further clinical development of its lead new drug candidate, VTP-43742, which is in mid-stage testing as a potential treatment for psoriasis.

The company also plans to study VTP-43742 as a treatment for other autoimmune disorders such as psoriatic arthritis, rheumatoid arthritis, multiple sclerosis, and inflammatory bowel disease.

Other proceeds from the stock offering are targeted for the continued development of additional experimental therapies in the company’s pipeline. They include a potential treatment for atopic dermatitis – a type of eczema. The remaining proceeds will be used for working capital and other general corporate purposes.

Click here to read more about the stock offering of Vitae Pharmaceuticals.

Top photo credit: Assorted pharmaceuticals via photopin (license)