Ardelyx Inc., of Fremont, Calif., said it priced an upsized underwritten public offering of 20 million common shares at $6.25 apiece for gross proceeds of $125 million. The company granted underwriters a 30-day option to purchase up to 3 million additional shares, potentially adding about $18.8 million to the offering, which is expected to close by Dec. 9. Net proceeds, along with cash and equivalents of $103.5 million as of Sept. 30, will support development and potential commercialization of the sodium hydrogen exchanger 3 inhibitor, tenapanor, to treat hyperphosphatemia in individuals with chronic kidney disease (CKD) on dialysis and to pursue regulatory activities to support an NDA submission to the FDA in the indication. The company also plans to apply proceeds toward clinical and nonclinical studies for other candidates. Citigroup Global Markets Inc., Cowen and Co. LLC, SVB Leerink LLC and Piper Jaffray & Co. are joint book-running managers. Positive top-line results from the phase III PHREEDOM study of tenapanor in dialysis-dependent CKD patients with hyperphosphatemia sent Ardelyx shares (NASDAQ:ARDX) to a 30-month high of $8.31 on Tuesday. The shares lost 2 cents Thursday to close at $6.80.
Athenex Inc., of Buffalo, N.Y., said it agreed to issue approximately 3.9 million common shares priced at $15.30 apiece in a private placement with institutional investors led by Kingdon Capital Management LLC. The transaction is expected gross approximately $60 million. Net proceeds primarily will fund development, regulatory and pre-launch activities for the cancer combination agent oral paclitaxel + encequidar; regulatory activities for tirbanibulin ointment, a Src tyrosine kinase inhibitor to treat actinic keratosis; and manufacturing infrastructure. The private placement is expected to close by Dec. 9. Suntrust Robinson Humphrey acted as exclusive placement agent. On Thursday, shares of Athenex (NASDAQ:ATNX) closed at $16.44 for a gain of 34 cents.
Hummingbird Bioscience Pte. Ltd., of Singapore, said it raised $19 million in a series B round co-led by Mirae Asset Venture Investment and Gntech Venture Capital. Existing investors Heritas Capital and Seeds Capital and new investors Delian Capital, Mirae Asset Capital, Davalue-Giltedge, HB Investment, Wooshin Venture Investment and Kiwoom Investment-Shinhan Capital participated in the round. Proceeds will support the discovery of disease targets, expansion of Hummingbird’s pipeline of antibody therapeutics and work on co-discovery projects under a multitarget collaboration agreement with Amgen Inc., of Thousand Oaks, Calif. Lead assets, Erbb3 tyrosine kinase receptor inhibitor HMBD-001 and stress-induced secreted protein 1 inhibitor HMBD-002, are expected to enter the clinic following regulatory submissions in the second half of 2020.
Immunomedics Inc., of Morris Plains, N.J., said it priced an underwritten public offering of approximately 14 million common shares at $17.50 apiece to raise gross proceeds of approximately $250 million. The company granted underwriters a 30-day option to purchase up to 2.1 million additional common shares. Net proceeds will primarily accelerate U.S. commercial launch readiness of the antibody-drug conjugate sacituzumab govitecan (IMMU-132) to treat metastatic triple-negative breast cancer while the company continues to expand development programs for the candidate, invests in the broader development of its platform and continues scale-up of manufacturing and manufacturing process improvements. Goldman Sachs & Co. LLC, Bofa Securities, Cowen and Co. LLC and Jefferies LLC are joint bookrunners for the offering, expected to close by Dec. 9. The BLA for sacituzumab govitecan, which in January drew a complete response letter from the FDA, was resubmitted this week. On Thursday, the company’s shares (NASDAQ:IMMU) gained 49 cents to close at $18.50.
Limelight Bio Inc., of Philadelphia, said it raised $75 million in a financing by Apple Tree Partners. The company said proceeds will be used to continue development of its gene correction technologies and drug candidates designed to overcome limitations of current gene therapy and gene editing approaches. Initial targets, all preclinical, are focused in severe retinal, hematologic/metabolic, neurologic and hearing loss diseases with no existing therapies. The company, which has an exclusive partnership with the University of Pennsylvania Center for Advanced Retinal and Ocular Therapies, is led by CEO Michael Ehlers, former executive vice president and head of R&D at Biogen Inc., of Cambridge, Mass.
Millendo Therapeutics Inc., of Ann Arbor, Mich., said it priced an underwritten public offering of approximately 4.2 million common shares at $6 apiece for gross proceeds of $25 million and granted underwriters a 30-day option to purchase up to 625,000 additional shares, potentially adding $3.75 million to the raise. In its prospectus filed with the SEC, the company said proceeds will fund continued development of pipeline candidates and other corporate purposes. Citigroup and SVB Leerink are joint book-running managers for the offering, which is expected to close Dec. 9. Shares (NASDAQ:MLND) closed Thursday at $6 for a loss of $1.76.
Omeros Corp., of Seattle, said it priced an underwritten public offering of $50 million common shares at $13.10 apiece and granted underwriters a 30-day option to purchase up to $7.5 million in additional shares. Net proceeds will fund clinical trials, preclinical studies, manufacturing, build-out of commercial infrastructure and other costs associated with advancing its development programs and pipeline candidates toward regulatory submissions and potential commercialization. Cantor Fitzgerald & Co. is the sole bookrunner for the offering, expected to close by Dec. 9. A day earlier, the company reported that a pivotal trial of narsoplimab, a complement cascade inhibitor and mannan-binding lectin serine protease-2 inhibitor to treat hematopoietic stem cell transplant- associated thrombotic microangiopathy, found that a single dose was sufficient to offer a beneficial effect in more than half the study's high-risk participants, meeting the primary endpoint. Shares of Omeros (NASDAQ:OMER) lost $1.93 Thursday to close at $13.31.
Polarityte Inc., of Salt Lake City, said it concluded a $25 million equity purchase agreement with Keystone Capital Partners LLC. Polarityte secured the right to sell its stock to Keystone over 36 months and to control the timing and amount of sales, with the purchase price in each transaction based on the prevailing market price. Shares (NASDAQ:PTE) closed Thursday at $2.59 for a loss of 38 cents. The company did not disclose specific use of proceeds, but in October Polarityte reported positive results from a pilot study of its Skinte regenerative skin product in closure of venous stasis leg ulcers following the failure of standard treatments.