Tranzyme Pharma (TZYM) Announces Exercise of Underwriters' Over-Allotment Option and Closing of $11.5 Million Registered Direct Offering of Common Stock
9/19/2012 9:44:30 AM
RESEARCH TRIANGLE PARK, N.C., Sept. 18, 2012 (GLOBE NEWSWIRE) -- Tranzyme Pharma (Nasdaq:TZYM) today announced that it has closed the previously announced underwritten registered direct offering of approximately 3.0 million shares of its common stock at a price of $3.85 per share for gross proceeds, including the over-allotment option, of approximately $11.5 million. The shares include approximately 0.4 million shares of common stock sold pursuant to the over-allotment option granted by the Company to the underwriters, which option was exercised in full. The net proceeds from the sale of the shares, after deducting the underwriters' discounts and other estimated offering expenses payable by Tranzyme, will be approximately $10.6 million. The Company intends to use the proceeds for working capital and other general corporate purposes.