Innocoll prices shares at $7 for $40m public offering

Irish-domiciled speciality pharma company Innocoll has announced the pricing of its public offering of 5.725 million shares.

The Nasdaq-listed business, which specialises in areas of unmet medical need, is developing products to treat postoperative pain and diabetic foot infections.

Innocoll, which will list the shares at $7 apiece, expects to raise about $40 million in the flotation, or $37 million net of costs. A further 858,750 shares are available to underwriters of the issue.

Innocoll relocated its domicile to Ireland last March from Germany to reduce operating costs and facilitate access to financial markets.

It announced last month that it intended to submit a new drug application to the FDA, the US regulator, for its postoperative pain pipeline product Xaracoll after announcing that two phase-three clinical trials for the drug had met their primary end points.