Alcobra Raises $26M In NASDAQ IPO

January 12, 2015 | Alcobra Pharmaceuticals raised $26 million in their NASDAQ initial public offering last week. The Israeli company, developing a treatment for attention deficit hyperactivity disorder (ADHD), raised the amount at a share price of approx. $5.25 per share and a valuation of $72 million. The success of the IPO came as a surprise to many after Alcobra failed to achieve its main target during a trial of its main ADHD therapy, and reportedly misrepresented the results to investors. According to the company, the funds will be used to carry out further FDA trials and to complete its clinical plans. Alcobra is headed by CEO Yaron Daniely.