Impel NeuroPharma (NSDQ:IMPL) announced that it priced an underwritten public offering of common stock worth $45 million.
The offering includes 3 million shares of common stock priced to the public at $15 per share, with gross proceeds set to total $45 million before deducting underwriting discounts and commissions and other offering expenses payable by Impel NeuroPharma.
Additionally, Impel granted underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock at the offering price. The company expects the offering to close on Sept. 14, according to a news release. Cowen and Guggenheim Securities are acting as joint bookrunning managers for the proposed offering. Wedbush PacGrow is acting as lead manager.
Just last week, Seattle-based Impel announced that that the FDA approved its Trudhesa nasal spray for treating migraine in adults.
Trudhesa (dihydroergotamine mesylate), previously known as INP104, treats migraine with or without aura in adults through a 0.725 mg per spray dosage, according to a news release. Impel’s proprietary Precision Olfactory Delivery (POD) technology combines with Trudhesa to gently deliver dihydroergotamine mesylate (DHE) quickly to the bloodstream through the upper nasal space, bypassing the gut and potential absorption issues to offer rapid, sustained and consistent symptom relief without injection or infusion, even when administered hours after the onset of a migraine attack, the company said.