Orrick advised Ladenburg Thalmann & Co. Inc., the underwriter and sole book-running manager, on the follow-on offering by Axsome Therapeutics, a clinical-stage biopharmaceutical company, of 3,743,316 shares of common stock at a price to the public of $3.74 per share. In addition, Ladenburg Thalmann exercised in full its option to purchase an additional 561,497 shares of common stock.
The gross proceeds from the offering of an aggregate 4,304,813 shares, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Axsome, were approximately $16.1 million. The closing of the sale of 3,743,316 shares was completed on March 24, 2017, and the closing of the option exercise was completed on March 30, 2017.
Axsome Therapeutics is developing novel therapies for the management of central nervous system disorders.
The Orrick team advising on the matter was led by partner Christopher Austin and was assisted by senior associate Kenneth Marx and associate Brian Blood. In addition, compensation and benefits support was provided by Jason Flaherty and Keith Tidwell, regulatory support by Bob Lawrence and Shani Harmon, patent review by Anthony Kuhlmann and tax assistance by John Narducci and Stephen Lessard.
Orrick previously advised Ladenburg Thalmann in Axsome’s $51 million initial public offering.