Agios Pharmaceuticals Inc., of Cambridge, Mass., said it closed its underwritten public offering of common stock, including the exercise in full by underwriters of their option to purchase approximately 1.2 million additional shares. In total, the company sold approximately 9.5 million common shares at $31 apiece for gross proceeds of approximately $294.1 million. J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Cowen and Co. LLC acted as joint book-running managers.
Alimera Sciences Inc., of Atlanta, said it terminated its $20 million common stock purchase agreement with Lincoln Park Capital Fund LLC (LPC), effective Nov. 12. The company said it completed the third quarter at an annualized revenue run rate in excess of $50 million, giving it sufficient cash to fund operations through year-end 2020. Alimera said it received no funds from the agreement following LPC's initial investment of $1 million. Alimera's shares (NASDAQ:ALIM) gained 1 cent Wednesday to close at 24 cents.
Applied Therapeutics Inc., of New York, entered a definitive securities purchase agreement, dated as of Nov. 7, for the sale of its common stock, par value $0.0001 per share, in a private placement expected to result in gross proceeds of about $20 million. The company intends to use the net proceeds to fund development of its drug candidates. Cowen and UBS Investment Bank acted as placement agents.
Argenx NV, of Breda, the Netherlands, said it closed its global offering of 4.6 million ordinary shares, including in the form of American depositary shares (ADSs), which encompassed full exercise of the underwriter option to purchase 600,000 additional ADSs. The offering consisted of a public offering of approximately 2 million ADSs in the U.S. and certain countries outside the European Economic Area (EEA) priced at $121 apiece and a concurrent private placement of approximately 2.6 million ordinary shares in the EEA priced at €109.18 (US$120.16), for gross proceeds of approximately $557 million. Argenx said the listing of and commencement of dealings in its new ordinary shares, including those underlying the ADSs, on the Euronext Brussels became effective Nov. 12. Morgan Stanley, Cowen and Co. LLC, Bofa Securities and Evercore acted as joint book-running managers, with Kempen as lead manager for the offering and Wolfe Capital Markets and Advisory as co-manager. Argenx ADSs (NASDAQ:ARGX) closed Wednesday at $136.59, a gain of $9.17, while the company's shares closed on the Euronext Brussels (ARGX) at €122.30, up €5.30.
Biocryst Pharmaceuticals Inc., of Research Triangle Park, N.C., said it plans to offer $55 million of common stock in an underwritten public offering and to grant underwriters a 30-day option to purchase up to $8.25 million in additional common stock. Proceeds will be used primarily for global development, manufacturing, regulatory and commercial activities for the prophylactic kallikrein inhibitor BCX-7353; development of the complement factor D inhibitor BCX-9930; development of the Alk-2 protein kinase inhibitor BCX-9250; post-approval commitments for Rapivab/Alpivab (peramivir); and development of pipeline assets. J.P. Morgan is the sole bookrunner, with JMP Securities and H.C. Wainwright & Co. as lead managers for the offering, which was not priced. On Wednesday, Biocryst shares (NASDAQ:BCRX) lost 19 cents, closing at $1.60.
Diffusion Pharmaceuticals Inc., of Charlottesville, Va., said it priced a public offering of approximately 11.4 million common shares or equivalents, together with accompanying common warrants, at 35 cents per share and associated warrants, for expected proceeds of approximately $4 million. Each common share or equivalent was sold with one common warrant to purchase an additional share expiring 18 months from date of issue and a five-year common warrant to purchase an additional share. Proceeds will be used primarily to fund R&D of lead candidate, transcrocetinate sodium, to treat cancer. The offering is expected to close by Nov. 15. H.C. Wainwright & Co. is the exclusive placement agent. Diffusion's shares (NASDAQ:DFFN) fell by half Wednesday, down 29 cents to close at 25 cents.
Epicentrx Inc., of La Jolla, Calif., said it raised $35 million in a series D financing from the Silicon Valley-based life science-focused investment bank, Biotech Alliances International. The round, which will be split into three tranches, will enable the company to advance late-stage development of its lead agent, RRx-001, a small-molecule immunotherapy targeting the CD47SIRP-alpha axis, and to pursue its transgene-enhanced oncolytic adenoviral platform technology. RRx-001 is being assessed, in combination with platinum doublet chemotherapy, in the phase III REPLATINUM trial targeting third-line and beyond small-cell lung cancer. Epicentrx said the series D brings its total capital raise to approximately $77 million. (See BioWorld, Nov. 6, 2019.)
Genmab A/S, of Copenhagen, said an exercise of employee warrants generated proceeds of approximately DKK9.61 million (US$1.4 million), increasing its share capital by 56,329 shares, which represent approximately 0.087% of its share capital. Following the capital increase, Genmab reported the total nominal value of its share capital as approximately DKK65.1 million. In July, the company closed its U.S. IPO of American depositary shares (NASDAQ:GMAB), which gained 27 cents Wednesday to close at $22.28. (See BioWorld, July 22, 2019.)
Halozyme Therapeutics Inc., of San Diego, said it plans to offer to qualified institutional buyers $400 million in convertible senior notes due 2024. The company expects to grant initial purchasers a 30-day option to acquire up to $60 million in additional notes, which were not priced. Halozyme said it will use up to $200 million of net proceeds to repurchase its common shares in privately negotiated transactions through one or more initial purchasers or affiliates. The remainder will be used for general corporate purposes, including retirement of existing debt obligations under the company's loan agreement with Oxford Finance and Silicon Valley Bank.
Nextcure Inc., of Beltsville, Md., said it plans to offer 3.2 million common shares and to grant underwriters a 30-day option to purchase up to 480,000 additional shares. The offering was not priced, but in its S-1 filing the company said it was seeking to raise up to $143.6 million, including overallotments. Proceeds will be used to advance sialic acid-binding Ig-like lectin 15 inhibitor NC-318 through completion of an ongoing phase I/II trial, a planned phase II combination trial, additional phase II trials and into phase III development. The company also plans to assess development of a complementary diagnostic. Additionally, Nextcure said proceeds from the offering, together with $184.1 million in cash and equivalents as of Sept. 30, will be used to expand cGMP manufacturing capacity, advance leukocyte-associated Ig-like receptor 1 antagonist NC-410 through and beyond phase I/II development and pursue R&D activities related to its FIND-IO platform and discovery programs. Morgan Stanley, Bofa Securities and Piper Jaffray & Co. are joint book-running managers, with Needham & Co. and BTIG as co-managers. Nextcure, which completed its IPO in May and traded as high as $109 earlier this month, presented data at the annual meeting of the Society for Immunotherapy of Cancer in National Harbor, Md., that prompted its shares (NASDAQ:NXTC) to fall 52.9% Monday, closing at $39.02. On Wednesday, shares gained 34 cents to close at $37.75. (See BioWorld, April 16, 2019, and Nov. 12, 2019.)
Promis Neurosciences Inc., of Toronto, said it initiated a private placement of up to 32.5 million units priced at CA20 cents (US15 cents) apiece for gross proceeds of up to CA$6.5 million. Each unit will consist of one common share and one five-year warrant to purchase one share at an exercise price of CA35 cents. Net proceeds will be used mainly to advance the company's antibody therapeutic candidates selectively targeting toxic oligomers implicated in neurodegenerative diseases. Promis expects to complete a first closing this month of approximately CA$2.1 million, subject to approval by the Toronto Stock Exchange, where the company's shares (PMN) closed Wednesday at CA19.5 cents.
Protekt Therapeutics Ltd., of Ness Ziona, Israel, said it signed a binding agreement for a $3.6 million equity financing round co-led by Fonds de solidarité FTQ and Bukwang Pharmaceutical with participation from existing investors Futurx, Orbimed, Johnson & Johnson Innovation-JJDC Inc., Takeda Ventures Inc. and RM Global Partners Biopharma Investment Fund. Closing is expected to occur within a week. Proceeds will be used primarily to select a lead candidate and validate its neurotherapeutic effects in vivo. The company also plans to initiate development of a related diagnostic assay. Protekt is investigating PKR kinase inhibitor-based therapies for neurodegenerative diseases.
Reata Pharmaceuticals Inc., of Plano, Texas, said it plans an underwritten public offering of 2 million shares of class A common stock and intends to grant underwriters a 30-day option to purchase up to 300,000 additional shares. The offering was not priced, but in its preliminary prospectus supplement, Reata cited the Nov. 11 closing price of $213.67 for its shares (NASDAQ:RETA). Net proceeds, along with cash and equivalents of $240.1 million at Sept. 30, will be used to advance development of Nrf2 activators bardoxolone methyl and omaveloxolone through trials, prepare to file NDAs for bardoxolone to treat Alport syndrome and omaveloxolone to treat Friedreich's ataxia (FA), initiate pre-commercial planning and make payments due under its buyback agreement with Abbvie Inc., of North Chicago. Citigroup Global Markets Inc., Jefferies LLC, SVB Leerink LLC and Stifel Nicolaus & Co. are joint bookrunners. Last month, Reata reported success in the pivotal, second part of the phase II Moxie study of omaveloxolone in FA. RETA shares gained $4.65 Wednesday to close at $187.48. (See BioWorld, Oct. 16, 2019.)
Replimune Group Inc., of Boston, said it plans a public offering of up to 5 million common shares and expects to grant underwriters a 30-day option to purchase up to 750,000 additional shares for overallotments. The offering was not priced, but in its SEC filing Replimune cited the Nov. 11 closing price of $17.21 for its shares (NASDAQ:REPL). The offering is expected to fund development of the oncolytic virus RP-1 through completion of an ongoing phase I/II trial in solid tumors, Replimune's share of costs for a phase II trial in cutaneous squamous cell carcinoma (CSCC), a trial in cutaneous melanoma in individuals refractory to anti-PD-1 therapy, a trial in transplant patients who developed CSCC and initial development of follow-on oncolytic virus candidates RP-2 and RP-3. J.P. Morgan Securities LLC, SVB Leerink LLC and BMO Capital Markets Corp. are book-running managers. REPL shares closed Wednesday at $13.61, a loss of $3.09.
Turbine Simulated Cell Technologies Ltd., of London, said it closed a €3 million (US$3.3 million) institutional financing round led by the computational biology venture fund Delin Ventures with participation from follow-on angel investors such as health tech veterans Esther Dyson, Vishal Gulati and Atlantic Labs and new investors, including O2h Ventures. The company will use the seed fund to redesign the oncology drug discovery process into a series of rational steps facilitated by its human cell model and simulation platform. In connection with the round, Alan Barge, former vice president and head of oncology therapy at Astrazeneca plc, of Cambridge, U.K., and Delin Ventures partner, joined Turbine's board.
X-Biotix Therapeutics Inc., of Waltham, Mass., said it closed an extension to its series A financing to build on demonstrated in vivo efficacy with preclinical development of its antibacterial programs, each representing a separate mechanism of action. The amount of the extension was not disclosed, but an SEC filing in June indicated the close of a $9.4 million financing. The company is pursuing discovery and development of small-molecule antibiotic compounds targeting multidrug-resistant gram-negative pathogens.