Heron Therapeutics Prices 4.5 Mln Shares At $11.75 Per Share

(RTTNews) - Heron Therapeutics, Inc. (HRTX), a specialty pharmaceutical company, Wednesday announced the pricing of an underwritten offering of 4.5 million shares of its common stock, offered at a price of $11.75 per share.

Heron Therapeutics, Inc. has granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock. The offering is expected to close on or about June 30.

As a component of the offering, in lieu of common stock the firm is offering to certain existing large investors pre-funded warrants to purchase up to an aggregate of 600,000 shares of common stock at a purchase price of $11.74 per warrant.

Jefferies LLC and Leerink Partners LLC are acting as joint book-runners for the offering.

JMP Securities LLC, Brean Capital, LLC and Noble Financial Group, Inc. are acting as co-managers for the offering.

Gross offering proceeds will be around $60 million before deducting customary underwriting discounts and commissions and offering expenses.

Heron intends to use the net proceeds from the offering for general corporate purposes, funding ongoing and future clinical trials and for general and administrative expenses.