Aclaris Files for Secondary Offering

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Aclaris Therapeutics Inc. (NASDAQ: ACRS) saw its shares make a handy gain on Friday after the company announced the pricing of its secondary offering. The company intends to price its 4 million shares at $22.75 per share, with an overallotment option for an additional 600,000 shares. At this price the entire offering is valued up to $104.65 million.

Jefferies, Leerink Partners and Guggenheim are acting as joint book-running managers for the offering. While William Blair is acting as lead manager for the offering, JMP Securities is acting as co-manager.

Aclaris is a clinical-stage specialty pharmaceutical company focused on identifying, developing, and commercializing innovative and differentiated drugs to address significant unmet needs in dermatology.

The company detailed in its filing:

Our lead drug candidate, A-101 Topical Solution, is a proprietary high-concentration hydrogen peroxide topical solution that we are developing as a prescription treatment for seborrheic keratosis, or SK, a common non-malignant skin tumor. We have completed three Phase 2 clinical trials of A-101 in over 300 patients with SK. In these trials, following one or two applications of A-101, we observed clinically relevant and statistically significant improvements in clearing SK lesions on the face, trunk and extremities of the body. In the first quarter of 2016, we initiated two multi-center, randomized, double-blind, vehicle-controlled, parallel group Phase 3 clinical trials and one open label Phase 3 clinical trial of A-101 in patients with SK. In November 2016, we announced positive top-line results from these Phase 3 clinical trials, which are summarized below. Based on these results, we plan to submit a New Drug Application, or NDA, for A-101 for the treatment of SK to the U.S. Food and Drug Administration, or FDA, in the first quarter of 2017 and a Marketing Authorization Application, or MAA, in the European Union in mid-2017.

The company intends to use the net proceeds from the offering to fund and develop its drug candidate A-101 Topical Solution for the treatment of SK and for the treatment of common warts. The remainder will be used for working capital and general corporate purposes.

Shares of Aclaris were last seen up 9% at $25.98 on Friday. The stock has a consensus analyst price target of $35.00 and a 52-week trading range of $14.12 to $33.88.