Biocryst Pharmaceuticals Inc., of Research Triangle Park, N.C., completed its previously announced public offering of 43.6 million shares of its common stock, including 5.7 million shares sold as part of the underwriters’ option to purchase additional shares, grossing the company $63.3 million. Biocryst plans to use the proceeds for the development of its pipeline, post-approval commitments for Rapivab, capital expenditures and other general corporate purposes. J.P. Morgan acted as sole book-running manager for the offering. JMP Securities and H.C. Wainwright & Co. acted as lead managers.
Eyepoint Pharmaceuticals Inc., of Watertown, Mass., said it amended its existing debt facility with CRG Servicing LLC, under which CRG waived the financial covenant associated with the company’s product revenue of Dexycu (dexamethasone intraocular suspension) and Yutiq (fluocinolone acetonide implant) for the 12-month period ending Dec. 31. There were no other changes made to the term loan agreement. Eyepoint drew an initial $35 million under the debt facility in February and, in April, exercised its option to borrow an additional $15 million under the loan.
Kadmon Holdings Inc., of New York, closed its previously announced public offering of 29.9 million shares, grossing the company $101.6 million. Kadmon plans to use the proceeds for the clinical development of its lead candidates, discovery, research and preclinical studies of its other product candidates and other general corporate purposes. Jefferies LLC and Cantor Fitzgerald & Co. acted as joint book-running managers for the offering. H.C. Wainwright & Co. LLC and Oppenheimer & Co. Inc. acted as co-lead managers for the offering, and Nomura Securities International Inc. acted as co-manager for the offering.
Karuna Therapeutics Inc., of Boston, plans to sell 2.6 million shares in a public offering. The underwriters will have a 30-day option to purchase an additional 390,000 shares. Karuna plans to use the proceeds to run a phase III study of Karxt as a treatment for schizophrenia, development and expansion of its pipeline and for working capital and other general corporate activities. Goldman Sachs & Co. LLC and Citigroup are acting as joint book-running managers for the offering. Stifel, Nicolaus & Co. Inc. is also acting as a book-running manager. JMP Securities LLC is acting as a lead manager. Shares of Karuna (NASDAQ:KRTX) closed up $27.99, or 29%, to $123.99 on Tuesday as investors continued to digest data from the company’s phase II study of Karxt.
Kuros Biosciences Ltd., of Schlieren, Switzerland, is seeking approval from shareholders to issue up to 6 million new shares. The company plans to raise up to CHF12 million (US$12.11 million) selling up to 6.4 million shares to existing shareholders at CHF1.95 per share. Kuros plans to use the proceeds for commercialization of its products and the further development of its product candidates. Shares of Kuros (SIX:KURN) closed down CH 0.25, or 9.2%, to CHF2.47 on Tuesday.
Lipocine Inc., of Salt Lake City, closed its public offering of 10.45 million class A units, consisting of shares of its common stock and warrants to purchase its common stock and 1.55 million class B units, consisting of prefunded warrants and warrants to purchase its common stock. Class A units were sold for 50 cents per unit and class B units were sold for 49.99 cents per unit, for total gross proceeds of approximately $6 million. Lipocine plans to use the proceeds for working capital and general corporate purposes. Roth Capital Partners acted as sole agent for the public offering.
Pharnext SA, of Paris, said it established an equity line to enhance its financial flexibility and improve liquidity for shareholders. Kepler Cheuvreux committed to underwrite up to 3 million shares –corresponding to about €15 million (US$16.6 million) in total equity financing – on its own initiative, within a maximum period of 24 months, provided the contractual conditions are met. The share price will be equal to the average of the trading prices weighted by volumes for the last two stock market trading sessions prior to each issuance, which may be reduced by a discount of up to 7%. Pharnext is developing PXT-3003, in late-stage development for Charcot-Marie-Tooth disease type 1A, and PTX-864, which is in phase II testing in Alzheimer’s disease.
Phio Pharmaceuticals Corp., of Marlborough, Mass., priced its previously announced public offering of 10 million shares at 10 cents per share, grossing the company $1 million. Phio plans to use the proceeds for the development of its immuno-oncology programs, for other research and development activities and for general working capital needs. The offer was expected to close on Nov. 19. H.C. Wainwright & Co. is acting as exclusive placement agent. Shares of Phio (NASDAQ:PHIO) closed down 0.57 cents, or 4.1%, to 13.31 cents on Tuesday.