Ventrus Biosciences, Inc. (VTUS) Prices Initial Public Offering at $6 Per Share; Raising $17.4 Million
12/17/2010 8:59:49 AM
NEW YORK, Dec. 16, 2010 (GLOBE NEWSWIRE) -- Ventrus Biosciences Inc. ("Ventrus") (Nasdaq:VTUS), a pharmaceutical company focused on developing and commercializing gastrointestinal products, today announced the pricing of its initial public offering of 2,900,000 shares at $6.00 per share. The shares are expected to begin trading tomorrow, December 17, 2010 on the Nasdaq Capital Market under the symbol "VTUS". In addition, Ventrus has granted the underwriters a 45-day option to purchase up to an additional 435,000 shares to cover over-allotments, if any.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), and National Securities Corporation acted as co-lead managing underwriters for the offering.
The offering of these securities will be made only by means of a prospectus. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall 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, when available, 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 from Rodman & Renshaw, LLC, Prospectus Department, 1251 Avenue of the Americas, New York, NY, 10020, telephone: 212-430-1710 or email: firstname.lastname@example.org.
Ventrus is a development stage specialty pharmaceutical company focused on the development of late-stage prescription drugs for gastrointestinal disorders, specifically hemorrhoids, anal fissures and fecal incontinence. There are approximately 12.5 million Americans suffering from hemorrhoids, 7 million from fecal incontinence and over 4 million from anal fissures. Our lead product, Inferanserin (VEN 309) is a new chemical entity, or NCE, for the topical treatment of hemorrhoids, which targets a specific serotonin receptor (5HT2A) thought to be important in the disease.
Our additional product candidate portfolio consists of two in-licensed late-stage drugs intended to treat anal fissures (VEN 307) and fecal incontinence (VEN 308). These candidates are two molecules that were previously approved and marketed for other indications and that have been formulated into our proprietary topical treatments for these new gastrointestinal indications.