STAMFORD: Cara Therapeutics, Inc. (Nasdaq:CARA), a biotechnology company focused “new chemical entities” designed to alleviate pain and pruritus [itching] closed on a public offering of 5,117,500 shares of its common stock $18.00 per share.
Cara said it will use the funds for the clinical and research development activities, including the completion of the Phase 3 program for I.V. CR845 in uremic pruritus, two Phase 3 trials of I.V. CR845 in acute pain and a Phase 2b trial of oral CR845 in osteoarthritis pain, as well as for working capital and general corporate purposes.
Cara’s says its drugs work differently than “existing mu opioid, NSAID or acetaminophen, and provides pain relief without the significant side effects you find in yesterday’s and today’s medicines.”
The Company reported a net loss of $22.0 million, or $0.81 per basic and diluted share, for the fourth quarter of 2016 compared to a net loss of $9.5 million, or $0.35 per basic and diluted share, for the same period of 2015.