Cocrystal Pharma Inc., of Bothell, Wash., closed its registered direct offering with two institutional investors for about 3.5 million shares of common stock, sold at 63 cents per share, for gross proceeds of about $2.2 million. Cocrystal intends to use the net proceeds from the offering for working capital and other general corporate purposes. A.G.P./Alliance Global Partners acted as sole placement agent.
CTI Biopharma Corp., of Seattle, said it intends to raise $60 million through a fully backstopped rights offering. Under the terms, investors as of Feb. 13, will receive a subscription right entitling them to purchase their pro rata share of the $60 million offering amount. The rights offering will be fully backstopped by BVF Partners LP, Stonepine Capital LP, Orbimed Private Investments VI LP and New Enterprise Associates Inc., each of which have agreed to purchase, at a minimum, its respective as-converted pro rata share of the offering amount, plus an additional amount of securities that are not subscribed for by other purchasers in the rights offering, for a total of up to $60 million.
Denali Therapeutics Inc., of South San Francisco, closed its public offering of 9 million shares priced at $23 apiece for gross proceeds of $207 million. Goldman Sachs & Co. LLC, J.P. Morgan and Jefferies acted as joint book-running managers and Nomura Securities International Inc., H.C. Wainwright & Co. and Janney Montgomery Scott acted as co-managers.
Passage Bio Inc., of Philadelphia, filed Feb. 3 with the SEC to raise up to $125 million in an IPO. The number of shares and share price have not yet been disclosed. Morgan, Goldman Sachs, Cowen and Chardan Capital Markets are acting as joint bookrunners. Passage Bio, which was launched last year with a $115.5 million series A round, is working on treatments for rare monogenic central nervous system diseases. Passage is seeking a listing on Nasdaq under the ticker PASG.
Revolution Medicines Inc., of Redwood City, Calif., set terms for its proposed IPO, offering 10 million shares priced between $14 and $16, which would raise $150 million at the midpoint. The company, which develops cancer therapies targeting the RAS pathway, aims to list on Nasdaq under the ticker RVMD. J.P. Morgan, Cowen, SVB Leerink and Guggenheim Securities are acting as joint bookrunners on the deal.
Xortx Therapeutics Inc., of Calgary, Alberta, repriced its nonbrokered private placement, originally announced April 29, 2019, to more accurately reflect the current market price. The placement will now consist of up to 36 million units priced at CA14 cents (US11 cents) per unit for gross proceeds of about CA$5 million. Each unit consists of one common share and one common share purchase warrant, exercisable at CA25 cents. Xortx is developing therapies to treat progressive kidney disease.