Cadence Pharmaceuticals (NASDAQ: [[ticker:CADX]]), the San Diego-based maker of an intravenous pain reliever, said it has raised $86.2 million through an underwritten stock offering. The company sold 11.5 million shares at $8 apiece, and it may raise more if its underwriters exercise options to buy another 1,725,000 shares over the next 30 days, the company said. Cadence was in the fortuitous position to raise more money about a week after it won FDA approval for its first marketed product, an IV version of acetaminophen (Ofirmev) that it plans to sell to hospitals as an alternative to potentially addictive opioid-based pain meds.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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