Cadence Tacks on $86.2M

Xconomy San Diego — 

Cadence Pharmaceuticals (NASDAQ: CADX), the San Diego-based maker of an intravenous pain reliever, said it has raised $86.2 million through an underwritten stock offering. The company sold 11.5 million shares at $8 apiece, and it may raise more if its underwriters exercise options to buy another 1,725,000 shares over the next 30 days, the company said. Cadence was in the fortuitous position to raise more money about a week after it won FDA approval for its first marketed product, an IV version of acetaminophen (Ofirmev) that it plans to sell to hospitals as an alternative to potentially addictive opioid-based pain meds.