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Intra-Cellular Therapies Announces Closing of $60 Million Private Placement and Completion of Reverse Merger
Date:9/3/2013

NEW YORK, Sept. 3, 2013 /PRNewswire/ -- Intra-Cellular Therapies, Inc. ("ITI" or the "Company"), a biopharmaceutical company focused on the development of therapeutics for CNS disorders, announced that it completed a private placement of approximately 18.9 million shares of its common stock to new and existing investors that resulted in gross proceeds of approximately $60 million to the Company, including approximately $15.3 million in bridge notes that converted into common stock at the closing. New institutional investors included Deerfield Management, Broadfin Capital and other leading healthcare investors. Leerink Swann LLC acted as lead placement agent for the transaction, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as the Company's legal counsel. Proceeds from the private placement will be used for the development of the Company's drug candidates including its lead drug candidate, ITI-007, which is being studied in a Phase II clinical trial for the treatment of schizophrenia.

Sharon Mates, CEO and Chairman of ITI, stated, "We are pleased to be able to close this private placement with such a leading group of institutional healthcare investors.  To date, ITI-007 has demonstrated clinical signs consistent with antipsychotic activity in patients with schizophrenia and its unique pharmacology may expand its therapeutic use beyond the treatment of acutely exacerbated schizophrenia to also include chronic residual schizophrenia by improving negative symptoms, mood, sleep and cognition.  We expect the proceeds from the financing will allow us to move forward with the clinical development of ITI-007 as a treatment for schizophrenia as well as other psychiatric and behavioral disorders."

Immediately following the private placement, ITI became a public reporting company by executing a reverse merger with a public shell company with no prior business operations. 
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SOURCE Intra-Cellular Therapies, Inc.
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