Drug developer Chelsea Therapeutics (NASDAQ:CHTP) has completed a stock offering raising $21.4 million.

The Charlotte-based company offered 7.6 million shares of its common stock including 1 million shares of common stock in the over-allotment option granted to the underwriters. Chelsea plans to use proceeds from the offering to fund its droxidopa drug program, including the company’s work on drug candidate Northera, a compound in clinical testing to treat neurogenic orthostatic hypotension or NOH. Patients who have this rare condition experience dizziness and fainting upon standing due to low blood pressure and can be found in some patients with Parkinson’s disease, multiple systems atrophy and pure autonomic failure.

JMP Securities acted as the sole book-running manager for the offering. Needham & Company and Ladenburg Thalmann & Co. Inc. acted as co-managers. ROTH Capital Partners acted as financial advisor.

The stock offering was made as part of a “shelf” registration statement that the company had previously filed with the Securities and Exchange Commission.

Chelsea shares closed Tuesday at $3.26, down 4 cents from Monday’s close.