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ADHD co Alcobra raises $25 million on Nasdaq

Alcobra held the IPO at $8 per share, raising $25 million, at a company value of $89 million, lower than the $10-12 per share it had hoped for.

/Tali Tsipori and Gali Weinreb, Globes/

Alcobra Pharmaceuticals Inc., which is developing a treatment for attention deficit hyperactivity disorder (ADHD) held its Nasdaq IPO last night (Israel time).

Sources said that the company had obtained positive feedback during its road show. Just before the road show, the company expanded its prospectus from issuing 1.36 million share to 2.27 million shares.
Alcobra held the offering at $8 per share, raising a gross $25 million, with a midpoint of $25 million, at a midpoint company value of $113 million. It will be traded under the ticker “ADHD”.
The underwriter, Aegis Capital, has an over-allotment option to buy up to an additional 341, 250 shares, which if exercised in full, will boost the capital raised by $2.5-4.1 million. Sunrise Securities is the co-manager of the offering
Alcobra was founded in 2008. In September 2011, it completed a Phase II clinical trial on 120 patients in Israel. After the IPO, it plans to commence a Phase II/III trial, which it wants to conduct in the US, and which will be expensive; hence the need for the IPO.

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