Aurinia Pharmaceuticals Inc., of Victoria, British Columbia, sold about 2.3 million common shares at a weighted average price of $6.40 each under its previously announced open sales agreement, which grossed the company approximately $15 million. At this time, Aurinia doesn't have plans to sell more shares in the at-the-market offering.
Cabaletta Bio Inc., of Philadelphia, set $14 to $16 per share as the range it plans to sell 5.8 million shares in its proposed IPO. At the midpoint of the range, the company would net $77.5 million, or $89.6 million if the underwriters exercise their option to purchase additional shares. The company plans to use the proceeds to support advancement of its lead chimeric autoantibody receptor T-cell product, DSG3-CAART, which targets B cells that express pathogenic autoantibodies against the DSG3 protein in patients with mucosal pemphigus vulgaris, as well as to support development of other preclinical candidates, for setting up manufacturing for its products and for working capital and other general corporate purposes. Cabaletta estimates the proceeds, together with its current cash, will fund the company through at least the first quarter of 2022. Morgan Stanley, Cowen and Evercore ISI are acting as joint bookrunners on the deal. (See BioWorld, Nov. 9, 2018.)
Briacell Therapeutics Corp., of Berkeley, Calif., closed its previously announced nonbrokered private placement, grossing the company CA$568,444 (US$430,880) by selling about 8.1 million common shares at CA7 cents per share. Briacell's directors purchased about 5.7 million shares in the offering. Briacell plans to use the proceeds to fund research and development, as well as for general working capital and general corporate purposes.
DBV Technologies SA, of Montrouge, France, closed its global offering of about 7.9 million ordinary shares in the form of 15.8 million American depositary shares (ADSs) at $6.59 per ADS and a private placement of 1.6 million ordinary shares in Europe at €12.04 (US$13.18) per ordinary share. The underwriters exercised their option to purchase an additional 2.7 million ADSs. The company grossed approximately $143 million through the offerings, which it plans to use for the commercialization of Viaskin Peanut, if approved, as well as to advance development of its other product candidates and for working capital and general corporate purposes. Goldman Sachs and Citigroup acted as joint lead book-running managers for the global offering. JMP Securities, H.C. Wainwright & Co. and Bryan, Garnier & Co. acted as co-managers for the global offering.
Principia Biopharma Inc., of South San Francisco, is selling 7.5 million shares in a public offering at $28 per share, grossing the company $210 million. The underwriters have a 30-day option to purchase up to 1.125 million additional shares. Principia plans to use the proceeds to fund clinical trials and research and development activities, as well as for working capital and other general corporate purposes. It may also use the proceeds for future licenses of intellectual property or to make acquisitions or investments. BofA Merrill Lynch, SVB Leerink and Wells Fargo Securities are acting as joint book-running managers for the offering. Baird is acting as lead manager and H.C. Wainwright & Co. is acting as co-manager. The offering is expected to close on or about Oct. 18. Shares of Principia (NASDAQ:PRNB) closed down 40 cents, or 1.3%, to $29.51 on Wednesday.
Proqr Therapeutics NV, of Leiden, the Netherlands, is selling about 9.1 million shares at $5.50 per share, grossing the company $50 million. The underwriters have a 30-day option to purchase up to about 1.4 million additional shares. Proqr plans to use the proceeds to advance clinical development of sepofarsen, QR-421a and QR-1123 and other pipeline candidates, as well as for general corporate and working capital purposes. Citigroup Global Markets and Evercore ISI are acting as joint bookrunners for the offering. Cantor and JMP Securities are acting as lead managers, with Chardan and Kempen acting as co-managers. The offering is expected to close on Oct. 18. Shares of Proqr (NASDAQ:PRQR) closed up 12 cents, or 2%, to $6.34 on Wednesday.
Rhythm Pharmaceuticals Inc., of Boston, is selling about 8.1 million shares at $18.50 per share, grossing the company approximately $150 million. The underwriters have a 30-day option to purchase up to 1.2 million additional shares. Rhythm plans to use the proceeds for development, regulatory submissions and preparing for commercialization of setmelanotide, as well as for working capital and general and administrative expenses. Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and Cowen and Co. LLC are acting as the joint book-running managers for the offering. Needham & Co. LLC is acting as a lead manager. The offering is expected to close on Oct. 18. Shares of Rhythm (NASDAQ:RYTM) closed down 47 cents, or 2.3%, to $20.42 on Wednesday.
Titan Pharmaceuticals Inc., of South San Francisco, sold 40 million units, each consisting of one share of common stock and one warrant to purchase an additional share, for 22.5 cents per unit. The sale will gross the company $9 million, which it plans to use for ongoing operations and the growth of its business, including expansion of its sales and marketing capabilities. The underwriters have a 45-day option to purchase up to an additional 6 million shares of common stock and/or 6 million warrants. Maxim Group LLC is acting as the sole book-running manager. The offering is expected to close on or about Oct. 18. Shares of Titan (NASDAQ:TTNP) closed down 18.75 cents, or 51%, to 18 cents on Wednesday.