Cara Therapeutics announces proposed offering of common stock

Cara Therapeutics Inc., the Stamford-based biotechnology company, has begun an underwritten public offering of $80 million of shares of its common stock.

Cara, which focuses on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting peripheral kappa opioid receptors, added that it expects to grant the underwriters a 30-day option to buy up to $12 million of additional shares of its common stock on the same terms and conditions.

The proceeds of the offering are expected to be used to fund the company’s clinical and research development activities, as well as for working capital and general corporate purposes.

Piper Jaffray & Co. and Stifel are acting as joint book-running managers for the proposed offering.