Intra-Cellular Sets Price for Secondary Offering

The net proceeds after deducting underwriting discounts commissions and estimated offering expenses are expected to be approximately $284.7 million, though this does not include the overallotment option.

The underwriters for the offering are Leerink Partners, Cowen, RBC Capital Markets, Guggenheim, Ladenburg Thalmann and SunTrust Robinson Humphrey.

Intra-Cellular Therapies develops novel drugs for the treatment of neuropsychiatric and neurodegenerative diseases and diseases of the elderly, including Parkinson’s and Alzheimer’s disease. The company is developing its lead drug candidate, ITI-007, for the treatment of schizophrenia, bipolar disorder, behavioral disturbances in dementia, depression, and other neuropsychiatric and neurological disorders. ITI-007, a first-in-class molecule, is in Phase 3 clinical development for the treatment of schizophrenia. The company is also utilizing its phosphodiesterase platform and other proprietary chemistry platforms to develop drugs for the treatment of CNS and other disorders.

So far in 2015, Intra-Cellular has outperformed the market. The stock is up over 150% year to date, while shares are up over 240% in the past 52 weeks.

Shares of Intra-Cellular were up nearly 5% at $47.15 on Wednesday morning. The stock has a consensus analyst price target of $75.00 and a 52-week trading range of $13.12 to $60.79.

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