BRIEF—AcelRx Pharma expect to raise $40 million in public offering

AcelRx Pharmaceuticals today announced the pricing of its previously announced underwritten public offering of 12,698,412 shares of its common stock, at a public offering price of $3.15 per share.

By around midday, AcelRx’ shares were down 17.14% at $3.24.

The gross proceeds to AcelRx from this offering, before deducting underwriting discounts and commissions, and other estimated offering expenses payable by AcelRx, are expected to be around $40 million.

All of the shares in the offering are to be sold by AcelRx.

The offering is expected to close on or about November 14, 2018, subject to the satisfaction of customary closing conditions.

AcelRx intends to use the net proceeds from the offering, in addition to its existing cash resources, to fund the commercial launch of s opioid medication Dsuvia (sufentanil), which gained approval last week in the USA, and for general corporate purposes.