Satsuma Pharmaceuticals, Inc. Announces Pricing of Initial Public Offering of Common Stock
Thursday, September 12, 2019
Posted by: Natasha Azar
SOUTH SAN FRANCISCO, Calif., Sept. 12, 2019 /PRNewswire/ -- Satsuma Pharmaceuticals, Inc. ("Satsuma" or the "Company") (Nasdaq: STSA), a clinical-stage biopharmaceutical company developing STS101 (dihydroergotamine (DHE) nasal powder) for the acute treatment of migraine, today announced the pricing of its initial public offering of 5,500,000 shares of common stock at a public offering price of $15.00 per share, for gross proceeds of $82.5 million, before the underwriting discounts and commissions. All of the shares of common stock are being offered by Satsuma. The Company has also granted the underwriters a 30-day option to purchase from the Company an additional 825,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. Satsuma's common stock has been approved for listing on The Nasdaq Global Market and is expected to begin trading under the ticker symbol "STSA" on September 13, 2019. The offering is expected to close on September 17, 2019, subject to customary closing conditions.