Cocrystal Pharma Inc., of Bothell, Wash., priced an underwritten public offering of about 3.5 million shares at 85 cents each, raising approximately $3 million for working capital and other general corporate purposes. Aegis Capital Corp. acted as sole bookrunner for the offering. Company shares (NASDAQ:COCP) fell 36% on Thursday to 73 cents.
Oyster Point Pharma Inc., of Princeton, N.J., priced an IPO of 5 million shares of its common stock (NASDAQ:OYST) at $16 per share, the low end of its proposed $16 to $18 range, in an offering expected to raise $80 million ahead of its expected closing, Nov. 4. Underwriters have a 30-day option to purchase up to 750,000 additional shares at the IPO price. J.P. Morgan Securities LLC, Cowen and Co. LLC and Piper Jaffray & Co. are acting as joint book-running managers for the offering. On their first day of trading, shares gained $2.78 to close at $18.78.
Protagonist Therapeutics Inc., of Newark, Calif., said it entered a four-year debt facility with Midcap Financial, the lead agent, and Silicon Valley Bank. They will loan up to $50 million to the company, with $10 million of the facility funded at closing. The ability to access the remaining $40 million is subject to the achievement of certain clinical development milestones and other specified conditions. Dinesh Patel, Protagonist's president and CEO, said the loan will give his team "additional flexibility to fund various development activities as our multiple assets advance towards critical clinical proof-of-concept endpoints." (See BioWorld, Aug. 29, 2019.)
Even after lowering its initially proposed range, South San Francisco-based Rapt Therapeutics Inc. priced an IPO of its shares (NASDAQ:$RAPT) at $12, the low end of a contemplated $12 to $14 range. The company expected to raise $36 million through an offering of 3 million shares, with the potential to raise additional funds if underwriters exercise their 30-day option to purchase up to an additional 450,000 shares. Shares in the company, which is developing small-molecule therapies for oncology and inflammatory diseases, rose 8.3% Thursday to close their first day of trading at $13.
Shasqi Inc., a San Francisco-based company focused on improving the localized delivery of cancer drugs to tumors, has completed a $10 million series A financing. The proceeds are being used to complete GMP manufacturing for the company's lead drug candidate and to support a phase I trial expected to start in the second quarter of 2020. Investors in the financing round included Y Combinator and wealthy private investors.
Tmunity Therapeutics Inc., of Philadelphia, closed a $75 million series B financing led by Andreessen Horowitz. Westlake Village Biopartners, Foster City, Calif.-based Gilead Sciences Inc., the University of Pennsylvania, Be The Match BioTherapies and Brightedge, the philanthropic impact fund of the American Cancer Society, also backed the round. Proceeds will continue to fund ongoing and planned research, clinical development of product candidates, the continued build-out of the company's viral vector and cell therapy product manufacturing, working capital and other general purposes. Since inception, Tmunity has raised $231 million. (See BioWorld, Jan. 24, 2018.)