CNS therapeutics firm Sage nets $549mm in FOPO

CNS-focused Sage Therapeutics Inc. netted $549mm in a follow-on offering of 3.5mm shares at $164. The company will use the proceeds to support the potential launch of Phase III brexanolone (SAGE547) in postpartum depression (PPD), for which an NDA filing is expected in 2H 2018; to continue development of GABAA receptor modulator SAGE217 in major depressive disorder, PPD, Parkinson’s disease, and PPD (Phase II), insomnia (Phase I), bipolar disorder (preclinical), and other CNS indications; and to further other pipeline programs, including SAGE718 (in Phase I for CNS diseases related to NMDA receptor hypofunction) and SAGE324 (in preclinical studies for epileptiform disorders and essential tremor). Sage will also put some of the proceeds toward growing its commercial and manufacturing capabilities.