Charlotte, N.C.– Chelsea Therapeutics International, Ltd. (Nasdaq:CHTP) announced that it has completed its previously announced registered direct offering of approximately 7.4 million shares of common stock at a price $6.62 per share for gross proceeds of $48.9 million.

“The completion of this offering significantly strengthens our balance sheet and helps ensure that we not only have the necessary resources to complete our core trials in neurogenic orthostatic hypotension and rheumatoid arthritis, but also have sufficient capital to further invest in the long-term growth of our development programs as planned,” commented Dr. Simon Pedder, President and Chief Executive Officer of Chelsea Therapeutics. “This infusion of capital will meaningfully contribute to the value of Droxidopa and our portfolio of antifolate compounds by enabling Chelsea to explore additional potential indications for Droxidopa, initiate the planned formulation work that could extend Droxidopa’s IP, and advance the clinical development of additional compounds from our library of antifolates. We are further pleased that this value was reflected in the favorable terms of this offering and by the high caliber of investors that participated.”

Ridgeback Capital Management, LLC was the lead investor in this financing which also included significant participation from a number of other new and existing healthcare investors. Leerink Swann LLC served as lead placement agent with Oppenheimer & Co. Inc. and Punk Ziegel & Company serving as co-placement agents in this transaction. All shares of the common stock were offered by Chelsea Therapeutics pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell, nor is it a solicitation of an offer to buy, any securities.

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