Corcept Therapeutics Inc on Friday said it plans an initial public offering of 5 million shares at an estimated price of $15 to $17 per share.
The company, which makes drugs to treat severe psychiatric and neurological diseases, disclosed the terms of the proposed IPO in an amended offering document filed with the US Securities and Exchange Commission.
The underwriters, led by Thomas Weisel Partners LLC and Piper Jaffray, will have the option to buy another 750,000 shares from a selling stockholder to cover over-allotments, the company said.
Under the terms, Corcept could raise as much as $85 million based on the high end of the price range.
It plans to use proceeds for clinical trials, research and development, working capital and other general corporate purposes.
The Menlo Park, California-based company added it will not receive any proceeds from the sale of shares by the selling holder.
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