Alcobra Ltd. (NASDAQ: ADHD) announced the pricing of its underwritten secondary offering for 6.175 million shares. All these shares will be offered up at a price of $6.50 per share, or a discount of roughly 9% from Thursday’s closing price of $7.12. The offering is expected to close on November 18 and is still subject to customary closing conditions.

The underwriters for this offering are Jefferies, Barclays, Oppenheimer, Roth Capital Partners and Cantor Fitzgerald. Alcobra also has granted these underwriters a 30-day option to purchase an additional 926,250 shares.

This is an emerging biopharmaceutical company primarily focused on the development and commercialization of its proprietary oral drug candidate, MDX, to treat attention deficit hyperactivity disorder (ADHD) and other cognitive dysfunctions, including fragile X syndrome.

The company further detailed in the filing:

The most common currently available treatments for ADHD are stimulants that increase the brain chemicals dopamine and norepinephrine. Stimulants have significant side effects, and are classified as controlled substances which have significant potential for misuse, abuse and addiction. MDX is not a stimulant, and works with a different mechanism of action. MDX is a proprietary, combined rapid onset/extended release formulation of the chemical pyridoxine pyroglutamate, which is more broadly known as metadoxine. Metadoxine is designed to be a monoamine-independent modulator of gamma-aminobutyric acid transmission. Metadoxine has been available since the 1980s only in immediate release forms for the acute treatment of alcohol intoxication and the chronic treatment of alcoholic liver disease in Italy, Portugal, Hungary, Russia, India, China, Mexico and Thailand.

The company intends to use the net proceeds from this offering to fund its future clinical development program and for general corporate purposes.

Shares of Alcobra were last seen trading down about 13% at $6.2o Friday, with a consensus analyst price target of $15.50 and a 52-week trading range of $3.12 to $9.50.

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