Intra-Cellular proposes $350 million underwritten public offering. In addition, with the update of positive final-phase test results for a treatment for certain bipolar disorders, ITCI stock surged 73% on Wednesday.
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Intra-Cellular Therapies, Inc. (ITCI) stock made a massive move on Wednesday surging up to 73% at close. The stock price sky-rocketed initially from the update of positive final-phase results for the treatment of bipolar disorders.
The biopharmaceutical firm today announced that it has initiated an underwritten public offering of its common stock shares worth $350 million. However, ITCI did not disclose the per share price at which the common shares are being offered.
The acting joint book-runners of the following underwritten public offering include J.P. Morgan Securities LLC, Evercore Group L.L.C, Goldman Sachs & Co. LLC, and SVB Leerink LLC.
The company plans to grant the underwriters a 30-day option for purchasing 15% additional common stock shares offered in the public offering. All the shares offered in the public offering will be sold by the company itself. In addition, the offering depends upon the market and other conditions, and the company has not assured that when or whether the offering may complete or how many actual shares are to be sold (actual size).
Intra-Cellular Therapies will make the public offering in accordance with the shelf registration statement on Form S-3, previously been filed with the Securities and Exchange Commission (SEC) which will become effective upon filing.
Moreover, the company also updated its positive results of Phase 3 trials conducted to evaluate the efficacy and safety of lumateperone, which is a medicine developed for the treatment of patients suffering from certain bipolar disorders. This is a great development for the company as clearing the final stage means that lumateperone will soon make it to the market adding to the sales of ITCI.
The final stage data shows that lumateperone meets both primary and key secondary endpoints of the late-stage study if the patient is given a once-daily 42 mg dose. The final outcome gained a statistical edge showing improvement in depression which was examined through the occurrence of change from baseline compared to placebo on the Clinical Global Impression-Bipolar Scale (CGI-BP-S), and the Montgomery-Asberg Depression Rating Scale (MADRS).
The company intends to submit lumateperone as a monotherapy to the U.S. Food and Drug Administration (FDA) by the end of this year or early in 2021. ITCI will submit the application for the therapy as a treatment in Bipolar disorder patients.
The achievement of attaining both primary- and secondary-end results of lumateperone will turn out to be a great success in long-term growth if the medicine becomes a suitable therapy for bipolar patients, after its approval from the FDA.
Market Overview
After the announcement of positive final stage results of lumateperone, Intra-Cellular stock surged as high as up to 80% on Wednesday at 11:41 A.M. EDT, with ITCI closing the day at $31.86. The stock kicked off today’s market at $30.34. Currently, Intra-Cellular Therapies, Inc. (ITCI) stock trades on a lower side at $30.63 down by 3.58%, as of 10:33 A.M. EDT.
