Neptune Technologies Completes Public Offering Of Shares For US$34 Million

Published: Sep 24 2012
Deal Summary

Neptune Technologies & Bioressources, Inc., a biotechnology company, completed an underwritten public offering of its common stock for gross proceeds $34.1m. The company issued 8,307,762 newly issued common shares at a price of $4.10 per share, including additional 989,762 shares pursuant to the partial exercise of underwriters over-allotment.

The company intends to use the net proceeds of approximately $10m for sales, marketing and krill inventory purchases for NKO and EKO; $8m to support Acasti in the development and validation of CaPre and other product candidates, and support NeuroBio in the development and validation of its product candidates; $6m to fund the expansion of its Sherbrooke plant that is intended to increase Neptune's annual production capacity to 500,000 kilograms of krill oil; $4m to fund product development, clinical trials and regulatory affairs of Neptune, including management and protection of its intellectual property portfolio; and the balance for general corporate and other working capital purposes.

RBC Capital Markets, LLC and JMP Securities LLC acted as joint book-running managers; Byron Capital Markets and John Thomas Financial acted as co-managers for the offering.

Deal history

Completed: On October 2, 2012, Neptune Technologies & Bioressources completed an underwritten public offering of 8,307,762 newly issued common shares at a price of $4.10 per share including over-allotment of additional 989,762 shares, for gross proceeds of $34.1m.

Pricing: On September 25, 2012, Neptune Technologies & Bioressources priced an underwritten public offering of 7,318,000 newly issued common shares at a price of $4.10 per share to raise gross proceeds of $30m. The company granted underwriters a 30-day option to purchase up to an additional 1,097,700 common shares, to cover any over-allotments.

Announced: On September 24, 2012, Neptune Technologies & Bioressources announced an underwritten public offering of shares of its common stock. The company granted underwriters a 30-day option to purchase up to an additional 15% of the shares, to cover any over-allotments.

Send to friend

* Indicates Mandatory
*Your EmailID:    
Message:
*Friend's EmailID:    
  captcha refresh
Enter Captcha Code: