Acorda Therapeutics, Inc. (NASDAQ ACOR) today announced that it has entered into a definitive purchase agreement with certain investors to raise approximately $31.5 million in gross proceeds through a private placement of newly issued shares of common stock, at a price of $9.75 per share. The Company intends to use the net proceeds from the financing to support its sales and marketing activities, advance its clinical and preclinical programs and for other working capital and general corporate purposes.

The securities to be sold in this private placement will not be registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from the registration requirements. The shares were offered and will be sold only to a limited number of accredited investors. Acorda Therapeutics has agreed to file a registration statement with the SEC covering resale of the common stock issued in the private placement.