Intra-Cellular Therapies Prices Public Offering of Common Stock

Rhea-AI Summary

Intra-Cellular Therapies (ITCI) announced the pricing of a public offering of 9,523,810 shares at $42.00 each, totaling $400 million in gross proceeds. The offering will close on January 7, 2022, subject to customary conditions. Underwriters have a 30-day option to purchase an additional 1,428,571 shares. This is part of a shelf registration statement filed with the SEC. The funds raised will support ongoing development of CNS therapeutics, enhancing the company's financial position and growth prospects.

Positive

• Gross proceeds of $400 million will enhance funding for research and development.
• Public offering demonstrates market confidence and demand for shares.

Negative

• Potential dilution of existing shareholder value due to the new share issuance.

NEW YORK, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Intra-Cellular Therapies, Inc. (Nasdaq: ITCI), a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, today announced the pricing of its previously announced underwritten public offering of 9,523,810 shares of its common stock at a public offering price of $42.00 per share. All of the shares in the offering will be sold by Intra-Cellular Therapies, with gross proceeds to Intra-Cellular Therapies expected to be $400.0 million before deducting underwriting discounts and commissions and offering expenses. Intra-Cellular Therapies has granted the underwriters a 30-day option to purchase up to an additional 1,428,571 shares on the same terms and conditions. The offering is expected to close on January 7, 2022, subject to the satisfaction of customary closing conditions.

J.P. Morgan, SVB Leerink, BofA Securities, Evercore ISI and RBC Capital Markets are acting as joint book-running managers for the offering. Cantor and Canaccord Genuity are acting as co-lead managers for the offering. Needham & Company is acting as co-manager for the offering.

The public offering is being made pursuant to a shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective upon filing. A preliminary prospectus supplement and accompanying base prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, can be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-866-803-9204, or by email at prospectus-eq_fi@jpmchase.com, SVB Leerink LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at 1-800-808-7525, ext. 6105, or by email at syndicate@svbleerink.com, BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001 or by e-mail at dg.prospectus_requests@bofa.com, Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200 or by email at ecm.prospectus@evercore.com, or RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281, by telephone at (877) 822-4089 or by email at equityprospectus@rbccm.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Intra-Cellular Therapies

Intra-Cellular Therapies is a biopharmaceutical company founded on Nobel prize-winning research that allows us to understand how therapies affect the inner-workings of cells in the body. The company leverages this intracellular approach to develop innovative treatments for people living with complex psychiatric and neurologic diseases.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements, other than statements of historical fact, regarding, among other things, the completion and timing of the public offering and the anticipated total gross proceeds from the offering. Intra-Cellular Therapies often uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “planned,” “continue,” “guidance,” and similar expressions to identify forward-looking statements. Actual results, performance or experience may differ materially from those expressed or implied by any forward-looking statement as a result of various risks, uncertainties and other factors, including, but not limited to: the completion of the public offering and other risks and uncertainties that are described under the heading “Risk Factors” in Intra-Cellular Therapies’ preliminary prospectus supplement filed with the SEC on January 3, 2022, Intra-Cellular Therapies’ most recent Annual Report on Form 10-K or in subsequent filings that it makes with the Securities and Exchange Commission. As a result of risks and uncertainties that Intra-Cellular Therapies faces, the results or events indicated by any forward-looking statement may not occur. Intra-Cellular Therapies cautions you not to place undue reliance on any forward-looking statement. In addition, any forward-looking statement in this press release represents Intra-Cellular Therapies’ views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Intra-Cellular Therapies disclaims any obligation to update any forward-looking statement, except as required by applicable law.

Contact

Intra-Cellular Therapies, Inc.
Juan Sanchez, M.D.
Vice President, Corporate Communications and Investor Relations
646-440-9333

Burns McClellan, Inc.
Lisa Burns
cradinovic@burnsmc.com
212-213-0006

Media Inquiries:

Sara Franks
Corporate Media Relations W20wcg
sfranks@w2ogroup.com
410-991-4287

FAQ

What is the price of Intra-Cellular Therapies' recent public offering?

The recent public offering is priced at $42.00 per share.

How many shares is Intra-Cellular Therapies offering?

Intra-Cellular Therapies is offering 9,523,810 shares in this public offering.

What are the expected gross proceeds from the public offering by ITCI?

The expected gross proceeds from the offering are $400 million.

When is the closing date for the ITCI public offering?

The public offering is expected to close on January 7, 2022.

Will there be an option for underwriters to purchase more shares in the ITCI offering?

Yes, underwriters have a 30-day option to purchase an additional 1,428,571 shares.