9 Meters Biopharma, Inc. (NASDAQ:NMTR) shares surged 18.56 to $0.89 in the post-market session after the Company has announced that it has closed its previously announced underwritten public offering of 53,076,924 shares of its common stock, inclusive of the full over allotment option exercised by the underwriters for the price of $0.65 per share.
About $32 million was received by the Company in net proceeds from the public offering, after deducting underwriting discounts and commissions and offering expenses payable by 9 Meters. This offering will provide additional funds to advance the clinical development of NM-002 for the treatment of short bowel syndrome, the continued clinical development of larazotide for the treatment of celiac disease, and for working capital and general corporate purposes.
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Oppenheimer & Co., Inc. was the lead manager for the offering while Brookline Capital Markets, a division of Arcadia Securities, LLC, served as a co-manager for the offering.