Century City biotech firm Ritter Pharmaceuticals, Inc. has closed its $20 million Initial Public Offering.
The pharmaceutical company has been developing novel therapeutic products that modulate the human gut microbiome to treat gastrointestinal diseases with its lead product, RP-G28, being developed for the treatment of lactose intolerance.
The company announced Monday the closing of its previously announced initial public offering of 4 million shares of its common stock at a price to the public of $5.00 per share.
Ritter Pharmaceuticals, Inc. has granted the underwriters a 45-day option to purchase up to 600,000 additional shares of common stock to cover over-allotments, if any. Gross proceeds to Ritter from the offering were $20 million before deducting underwriting discounts and commissions and other estimated offering expenses.
Aegis Capital Corp. acted as sole book-running manager for the offering.
Chardan Capital Markets, LLC and Barrington Research acted as co-managers for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and declared effective on June 24, 2015.
