Apellis Pharmaceuticals Inc., of Crestwood, Ky., said it priced its private offering of $220 million aggregate principal amount of 3.5% convertible senior notes due 2026. The initial purchasers of the notes have been granted a 13-day option to purchase up to an additional $33 million of the notes, solely to cover overallotments. Apellis estimates that the net proceeds will be approximately $212.9 million (or approximately $244.9 million if the initial purchasers exercise in full their option to purchase additional notes). The company intends to use the net proceeds to fund clinical development of APL-2, including preparation of a new drug application submission. This month it announced the dosing of the first patient in a phase III study, Prince (APL2-308), evaluating the efficacy and safety of APL-2 for treatment-naïve patients with paroxysmal nocturnal hemoglobinuria. Additional use of the funds will include support for potential commercialization of APL-2, including the build-out of a commercial infrastructure and sales force, as well as conducting research activities, repaying in full the amount owed under a promissory note and for working capital and other general corporate purposes.
Catalyst Pharmaceuticals Inc., of Coral Gables, Fla., said it has started an underwritten public offering of 8 million shares of its common stock, and underwriters have been granted a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering on the same terms and conditions. The company plans to use the net proceeds to continue the commercialization activities for Firdapse (amifampridine phosphate); to fund business expansion activities in the U.S. and Japan; and for general corporate purposes.
Springworks Therapeutics Inc., of Stamford, Conn., which had filed to sell up to 7.35 million shares between $16 and $18 each in an IPO, has amended the offering to now raise $153 million from the sale of 9 million shares in the price range of $16 to $18. The firm's most advanced product candidate, nirogacestat, is an oral, small-molecule gamma secretase inhibitor, in phase III development for the treatment of desmoid tumors, a rare and often debilitating and disfiguring soft tissue tumor. Its second product candidate, mirdametinib, is an oral, small-molecule MEK inhibitor, initially in development for the treatment of neurofibromatosis type 1-associated plexiform neurofibromas. Earlier this year, the company closed a $125 million series B preferred stock financing. (See BioWorld, April 2, 2019.)