Amicus Therapeutics Inc., of Cranbury, N.J., said it closed its private offering of $250 million aggregate principal amount of 3 percent convertible senior notes due 2023, including the full exercise by the initial purchasers of their option for an additional $25 million to cover overallotments. Net proceeds are expected to total about $243 million. Amicus used about $13.5 million to fund the payment of the cost of the capped call transactions and about $82.2 million to refinance existing unsecured debt. It intends to use the balance of the net proceeds for general corporate purposes. Goldman, Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch and Leerink Partners LLC acted as bookrunners, and Cowen and Co. acted as lead manager.
Antibe Therapeutics Inc., of Toronto, completed the second and final close of its private placement of units, raising gross proceeds of C$297,750 (US$221,067), bringing the total gross proceeds from the offering up to C$2.7 million. The second closing included about 2 million units sold at C15 cents per unit, with each unit comprising one common share and one-half of one common share purchase warrant. Funds will be used for general corporate purposes. Antibe develops drugs for pain and inflammation using its technology, which is designed to link a hydrogen sulfide-releasing molecule to an existing drug.
Appili Therapeutics Inc., of Halifax, Nova Scotia, said it raised about $2.2 million in its oversubscribed private placement financing. The raise included investments from current investors, including Innovacorp, and new investors, including institutional support. Proceeds will be used to advance its lead product candidate, a taste-masked antibiotic designed to treat anaerobic infections like Clostridium difficile, into clinical trials. In addition, the company will advance the development of a novel class of antibiotics targeting drug-resistant gram-negative bacteria and evaluate opportunities to add high potential anti-infective programs to its pipeline.
Aurinia Pharmaceuticals Inc., of Victoria, British Columbia, said it entered an underwriting agreement, with H.C. Wainwright & Co. LLC acting as sole book-running manager and Cormark Securities Inc. as co-manager, under which they agreed to purchase 11.1 million units priced at $2.25 each for gross proceeds of about $25 million. Each unit consists of one common share and one-half of a warrant to purchase one share, with an exercise price of $3 per whole warrant. Underwriters have an overallotment option to purchase up to an additional 1.6 million units for up to $3.75 million in additional proceeds. Funds will be used for R&D activities, including the phase III lupus nephritis (LN) activities, and for working capital purposes. The offering is set to close on or about Dec. 28. Earlier this year, Aurinia reported positive data from the phase IIb AURA-LV trial testing voclosporin plus standard-of-care mycophenolate mofetil and a forced oral corticosteroid taper in LN. Shares of Aurinia (NASDAQ:AUPH) closed Thursday at $2.15, down 57 cents, or 21 percent. (See BioWorld Today, Oct. 3, 2016.)
Immuron Ltd., of Melbourne, Australia, said it filed a registration statement on form F-1 with the U.S. SEC relating to a proposed $18.3 million IPO of its American depositary shares (ADSs), seeking to list its ADSs on a U.S. exchange. The number of shares and share price have not yet been disclosed. Joseph Gunnar & Co. LLC is acting as book-running manager. Immuron is developing oral therapeutics to treat immune-mediated diseases, with lead candidate IMM-124E in phase II studies for non-alcoholic steatohepatitis (NASH), alcoholic steatohepatitis and pediatric NASH.
Knight Therapeutics Inc., of Montreal, said it completed its bought deal offering for gross proceeds of $100 million. Funds will be used for potential acquisitions for over-the-counter and prescription pharma products and specialty pharma products in select international markets, as well as for general corporate purposes.
Motif Bio plc, of New York, said it issued, in aggregate, about 14.5 million new ordinary shares following the conversion by Amphion Innovations plc and Amphion Innovations US Inc. of the convertible promissory notes, totaling $3.6 million.
Neuroderm Ltd., of Rehovot, Israel, said it closed the offering of an additional 600,000 shares priced at $18.75 each pursuant to the underwriters' option to purchase additional shares in the recently completed public offering. Total gross proceeds from the offering were $86.25 million. Jefferies LLC and Cowen and Co. LLC acted as joint book-running managers, and Raymond James & Associates Inc. and Roth Capital Partners LLC acted as co-managers.
Vericel Corp., of Cambridge, Mass., said it closed a public offering of about 7.1 million shares priced at $2.75 apiece for gross proceeds of about $20 million. Those shares include 930,000 shares sold to cover overallotments. Net proceeds are expected to support commercialization of MACI (autologous cultured chondrocytes on porcine collagen membrane), which gained FDA approval earlier this month for use in repairing symptomatic single or multiple full-thickness cartilage defects of the knee, with or without bone involvement, as well as to expend promotional efforts for Epicel, expand and optimize manufacturing and for other general corporate purposes. Piper Jaffray & Co. acted as the sole manager for the offering. (See BioWorld Today, Dec. 15, 2016.)