Cempra, Inc. Announces Closing of Initial Public Offering of Common Stock
CHAPEL HILL, N.C., Feb. 8, 2012 /PRNewswire/ -- Cempra, Inc. (Nasdaq: CEMP), a clinical-stage pharmaceutical company focused on developing antibiotics to meet critical medical needs in the treatment of bacterial infectious diseases, today announced that it successfully closed its previously announced initial public offering of 8,400,000 shares of common stock at $6.00 per share. The shares began trading on February 3, 2012 on The Nasdaq Global Market under the ticker symbol "CEMP."
Total net proceeds to the company from the offering, after deducting underwriter discounts and commissions and estimated offering expenses, were approximately $47.7 million. The company intends to use the net proceeds from the offering to develop two of its product candidates, CEM-101 and Taksta.
Stifel Nicolaus Weisel, Leerink Swann LLC and Cowen and Company, LLC served as joint book-running managers for the offering. Needham & Company, LLC acted as co-manager.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the final prospectus relating to the offering may be obtained for free by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov/. Alternatively, a copy of the prospectus related to this offering may be obtained by contacting Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by calling (415) 364-2720; Leerink Swann LLC, One Federal Street, 37th Floor, Boston, Massachusetts 02110, or by calling (800) 808-7525; or Cowen and Company, LLC c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Prospectus Department, or by calling (631) 274-2806.
Founded in 2006, Cempra, Inc. is a clinical-stage pharmaceutical company focused on developing antibiotics to meet critical medical needs in the treatment of bacterial infectious diseases. Cempra's two lead product candidates have both completed oral Phase 2 clinical trials and seek to address the need for new treatments targeting drug-resistant bacterial infections in the hospital and in the community. The company also intends to utilize its series of proprietary lead compounds from its novel macrolide library for uses such as the treatment of chronic inflammatory diseases, endocrine diseases and gastric motility disorders. Additional information about Cempra can be found at www.cempra.com.
Robert E. Flamm, Ph.D.
Russo Partners, LLC
Tony Russo, Ph.D.
Russo Partners, LLC
Prabhavathi Fernandes, Ph.D.
President and Chief Executive Officer
SOURCE Cempra, Inc.