SAGE Prices Offering At $52.50/Share

(RTTNews) - SAGE Therapeutics Inc. (SAGE) has offered to sell 2.28 million shares of its common stock to the public at a price of $52.50 each. The underwriters have a 30-day option to purchase up to an additional 342,857 shares of common stock on the same terms and conditions.

The $100 million public offering is expected to close on or about April 20, 2015, subject to customary closing conditions. The company had cash of $127.8 million at year-end 2014.

A global phase III development program of the company's lead candidate SAGE-547 for the treatment of patients with super-refractory status epilepticus is expected to be initiated in mid-2015.

The phase 2a trials of SAGE-547 for additional CNS disorders, including essential tremor and severe postpartum depression, are underway, and the company expects to report data from both exploratory studies by mid-2015.

SAGE closed Monday's trading at $53.69, up 2.76%.