The first of my suggestions into the game i pretty much adore after experiencing it for little time.
250 Health Points.
200 Mana Points.
150% Mana Regen.
Active (Sends up to 3 Enemy Units in a 100yd radius around the caster aimlessly in fear for 2.5 seconds with a 90 second cooldown).
Upgradable with recipe to:
270 Health Points.
220 Mana Points.
160% Mana Regen.
Active (Sends up to 3 Enemy Units in 70 yd radius target-able spell aimlessly in fear for 2.1 seconds with a 95 second cooldown).
Neophyte's Book = 1000 Gold.
Glow Stone = 1200 Gold.
Manatube = 875 Gold.
Item Recipe = 980 Gold.
That sets the item's total cost at around 4055 gold with the upgrade that is, 5035.
Goal of the item:
The item is to provide a new CC to the game with a new Mechanic also adding an escape ability to casters mainly from tight spots whilst being upgraded to fit end-game competition by having relatively moderate stats and a target-able CC, not too big to catch more than 2 Units in it.
Hence, the heavy price.
Buying this might slow you on another item of cc such as the Totem of Kuldra or the Stormspirit if you were considering a support cc item in your build, plus it doesn't add that much to your stats, its an escape/upgrade cc item, the price of the recipe could go up to 1300 imo but its fairly useful for casters with no escape spell mechanism.
The point is that low hp casters are supposed to be squishy. Imagine pyromancer with this, running in, stunning, using his flame wave, ultimating then using this item to run away from like 3 enemies or whatever.
There are many ways this item could be abused as part of an item combo.