Chelsea Therapeutics, Inc. Closes $21.5 Million Placement With Leading Biotech Investors

CHARLOTTE, N.C.--(BUSINESS WIRE)--Feb. 14, 2006--Chelsea Therapeutics International, Ltd. (OTCBB: CHTP), completed a private placement of approximately 7.2 million shares of its common stock to institutional and other accredited investors, resulting in gross proceeds of approximately $21.5 million. This reflected the maximum authorized amount, including a $6.5 million overallotment. The investors in the private placement also received 5-year warrants to purchase approximately 2.2 million additional shares at an exercise price of $4.20. Paramount BioCapital, Inc. acted as sole placement agent.