Satsuma Pharmaceuticals has announced an underwritten initial public offering of 5,500,000 shares of its common stock at $15.00 per share, with expected gross proceeds of $82.5 million. The underwriters of the offering also get a 30-day option to purchase additional shares of common stock (up to a total of 825,000 shares) at the same price. The company’s common stock will trade on the NASDAQ Global Market.
According to an earlier press release that announced plans for the IPO, Satsuma said that it would use net proceeds from this offering to fund the Phase 3 EMERGE trial of its STS101 intranasal dry powder dihydroergotamine (DHE) for the treatment of migraine, a Phase 3 safety trial, and manufacturing activities for STS101.
Satsuma was spun off from SNBL in January 2017 to develop STS101 with $12 million in Series A financing. In April 2019, Satsuma announced that it had raised $62 million in Series B financing for Phase 3 development of the nasal powder, and the company announced initiation of the Phase 3 EMERGE study of STS101 in August 2019.
Read the Satsuma Pharmaceuticals press release on the IPO pricing
Read the Satsuma Pharmaceuticals press release on plans for the IPO
