Underwriters Purchase 200,000 Units of NeoTherapeutics

NeoTherapeutics Inc.’s underwriters exercised their option to purchase 200,000 units at $7.60 a unit. The company said each unit consists of one common share and one warrant to purchase one common share.

The underwriters’ purchase generated another $1.52 million, raising total proceeds for the company’s Sept. 26 initial public offering to about $20.5 million.

The offering was of 2.5 million units priced at $7.60 each.

NeoTherapeutics develops new drugs to treat neurodegenerative diseases and conditions.

Paulson Investment Co. and First Colonial Securities Group Inc. are the managing underwriters.