Intra-Cellular Therapies Announces Closing of $575 Million Public Offering Including Full Exercise of Underwriters’ Option to Purchase Additional Shares

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Intra-Cellular Therapies, Inc. (Nasdaq: ITCI) announced the successful completion of a public offering, including the full exercise of underwriters' option to purchase additional shares, resulting in gross proceeds of approximately $575 million. The offering involved the sale of 1,027,397 shares of common stock at $73.00 per share, following the initial offering of 6,849,316 shares. The underwriters included J.P. Morgan, Leerink Partners, BofA Securities, Morgan Stanley, and RBC Capital Markets. The offering was made under a shelf registration statement on Form S-3 and the final prospectus supplement is available on the SEC's website.

Financial Analyst

Intra-Cellular Therapies' completion of a significant public offering, raising $575 million, reflects strong market confidence in their future prospects. This strategic move bolsters their cash reserves, potentially extending their runway and underpinning future R&D investments, particularly in the development of treatments for CNS disorders. The exercise of the full option by the underwriters suggests a robust demand for the stock. It's essential to monitor subsequent filings and results to grasp the full impact of this capital infusion on their financial health, particularly on their operational burn rate and how it affects their capital expenditure forecasts. For investors, such offerings can dilute current holdings but may also be necessary steps for long-term growth and stability.

Biotech Market Analyst

The fundraising event by Intra-Cellular Therapies is indicative of a healthy appetite for investment within the biotech sector, despite the traditionally high-risk profile associated with CNS drug development. This capital raise is likely to support ongoing clinical trials and expedite the path to market for key drug candidates. Considering the rigorous regulatory environment for CNS therapies, the ability to fund extensive trials without financial strain can be the difference between success and failure. While the funds strengthen the company's position, investors should appreciate that CNS drug development is a lengthy and costly process, where success is only determined after multiple trial phases and eventual FDA approval.

NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Intra-Cellular Therapies, Inc. (Nasdaq: ITCI) (“Intra-Cellular Therapies”), a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, today announced that it has completed the sale of an additional 1,027,397 shares of its common stock at a public offering price of $73.00 per share on April 24, 2024, pursuant to the full exercise of the option granted by Intra-Cellular Therapies to the underwriters in connection with its previously announced public offering of 6,849,316 shares of common stock, which closed on April 22, 2024.

All of the shares in the public offering, including the full exercise of the underwriters’ option, were sold by Intra-Cellular Therapies, with gross proceeds to Intra-Cellular Therapies of approximately $575 million, before deducting underwriting discounts and commissions and offering expenses.

J.P. Morgan, Leerink Partners, BofA Securities, Morgan Stanley and RBC Capital Markets acted as joint book-running managers for the offering. Cantor, Mizuho, Canaccord Genuity and Needham & Company acted as co-managers for the offering.

The public offering was made pursuant to a shelf registration statement on Form S-3 (including a base prospectus) that was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective upon filing. A final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov, and may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-866-803-9204, or by email at prospectus-eq_fi@jpmchase.com; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, (800) 808-7525 ext. 6105, syndicate@leerink.com; BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC, 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by email: prospectus@morganstanley.com; or RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281, by telephone at (877) 822-4089, or by emailing equityprospectus@rbccm.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Intra-Cellular Therapies

Intra-Cellular Therapies is a biopharmaceutical company founded on Nobel prize-winning research that allows us to understand how therapies affect the inner-workings of cells in the body. The company leverages this intracellular approach to develop innovative treatments for people living with complex psychiatric and neurologic diseases.

Contact

Intra-Cellular Therapies, Inc.
Juan Sanchez, M.D.
Vice President, Corporate Communications and Investor Relations
646-440-9333

Media Inquiries:

Burns McClellan, Inc.
Cameron Radinovic
cradinovic@burnsmc.com
212-213-0006
517076449v.3

FAQ

What is the ticker symbol for Intra-Cellular Therapies?

The ticker symbol for Intra-Cellular Therapies is ITCI.

How much was raised in the public offering by Intra-Cellular Therapies?

Intra-Cellular Therapies raised approximately $575 million in the public offering.

How many shares were sold in the public offering by Intra-Cellular Therapies?

Intra-Cellular Therapies sold a total of 7,876,713 shares in the public offering.

Who were the underwriters for Intra-Cellular Therapies' public offering?

The underwriters for Intra-Cellular Therapies' public offering included J.P. Morgan, Leerink Partners, BofA Securities, Morgan Stanley, and RBC Capital Markets.

Where can the final prospectus supplement for Intra-Cellular Therapies' public offering be obtained?

The final prospectus supplement for Intra-Cellular Therapies' public offering can be obtained from J.P. Morgan Securities , Leerink Partners , BofA Securities, Inc., Morgan Stanley & Co. , or RBC Capital Markets,