SAN DIEGO, Feb. 20 /PRNewswire-FirstCall/ -- Cadence Pharmaceuticals, Inc. (Nasdaq: CADX), a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary product candidates principally for use in the hospital setting, today announced that it completed its previously announced registered direct offering of approximately 9.2 million shares of common stock at a price of $5.34 per share, for gross proceeds of $49.3 million.
"The proceeds from the offering will enable us to continue to advance the clinical development programs for our two products candidates, Acetavance(TM) for the treatment of acute pain and fever, and Omigard(TM) for the prevention of catheter-related infections," stated Ted Schroeder, President and Chief Executive Officer of Cadence. "We believe that we now have sufficient capital to advance these two product candidates through to NDA submissions, currently anticipated in the first half of 2009."
In addition to significant participation from existing investors Domain Associates, Frazier Healthcare Ventures and Versant Ventures, as well as from certain executive officers and directors of Cadence, other investors participating in this financing included, among others, Bay City Capital.
All of the shares of Cadence common stock were issued pursuant to an
effective registration statement previously filed with the U.S. Securities
and Exchange Commission. The offering and sale of these securities were
made only by means of a prospectus supplement and accompanying prospectus.
This press release shall not constitute an offer to sell, or a solicitation
of an offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale
|SOURCE Cadence Pharmaceuticals, Inc.|
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