On January 03, Intra-Cellular Therapies Inc. (ITCI) announced a proposed public offering of its common stock. Following the announcement, the stock plummeted deep in the pre-market session.
During the regular session, the stock varied between a high of $52.68 and a low of $50.79 at 552.87K shares. ITCI closed the session with a slight loss of 0.61% at $52.02 on Monday. After the emergence of the news, the stock nose-dived in the premarket to reach $48.00 apiece. Hence, it lost 7.73% or $4.02.
The New York-based biopharmaceutical company, Intra-Cellular Therapies Inc. was founded in 2013. Moreover, the company has a market capitalization of $4.26 billion with its 81.46 million shares outstanding.
ITCI’s Proposed Public Offering
According to Monday’s announcement, the company has initiated an underwritten public offering of $400 million common stock shares. Moreover, a 30-day option for buying an additional 15% of its offered common stock shares, is also expected to be granted to the underwriters.
Furthermore, the joint book-running managers for the offering are J.P. Morgan, SVB Leerink, BofA Securities, Evercore ISI, and RBC Capital Markets.
In addition, the actual size, terms, or closing of the offering were not disclosed in the announcement.
Recent Developments
Some of the recent developments of the company include:
Participation
On January 03, the company further announced its participation in the 40th Annual J.P. Morgan Healthcare Conference. The conference will be held on Monday, January 10, 2022.
Furthermore, the chairman and CEO of ITCI will be presenting at the conference.
FDA Approval
On December 20, the company announced the FDA approval of its CAPLYTA for treating depressive episodes associated with bipolar disorder. Moreover, the therapy has been approved both as a monotherapy and as adjunctive therapy with lithium or valproate.
Furthermore, the positive Phase 3 placebo-controlled bipolar depression (from bipolar disorder I & II) studies were the basis for the approval. These studies resulted in statistically significant improvements against the placebo. In addition, CAPLYTA also produced a favorable tolerability and safety profile.
ITCI’s Financials
On November 09, the company disclosed its financial results for the third quarter of 2021.
In the third quarter of 2021, ITCI generated total revenues of $22.2 million, against $7.4 million in Q3 of 2020.
Moreover, the company incurred a net loss of $72.9 million in the third quarter of 2021. This compares to $55.2 million in the Q3 of 2020.
