Aeglea Biotherapeutics Inc., of Austin, Texas, said it priced an underwritten public offering of 11.65 million shares of its common stock at $4.75 each for aggregate gross proceeds of approximately $120 million. The underwriters have been granted a 30-day option to purchase up to an additional 3.78 million shares. The net proceeds from the offering, together with its existing cash resources, will be used to advance the clinical development of pegzilarginase, for the treatment of arginase 1 deficiency through its phase III PEACE trial and BLA submission, advance its phase I/II trial and prepare for a potential phase III trial of ACN-00177 for homocystinuria. Any remaining funds will be used for research and development, manufacturing, commercialization infrastructure and for working capital and general corporate purposes. Shares of Aeglea (NASDAQ:AGLE) gained 28%, or $1.55, to close April 28 at $7.11.
Avadel Pharmaceuticals plc, of Dublin, which is developing FT-218, an investigational, once-nightly formulation of sodium oxybate for treating excessive daytime sleepiness and cataplexy in patients with narcolepsy, said it is undertaking an underwritten public offering of $100 million in ordinary shares, in the form of American depositary shares (ADSs). Each ADS represents the right to receive one ordinary share. The company intends to grant the underwriters a 30-day option to purchase up to an additional $15 million in ADSs at the public offering price. The ADSs are listed under the symbol AVDL on Nasdaq. The size of the offering and the price per share of the ADSs will be determined following the book building process.
Avalyn Pharma Inc., said it completed a $35.5 million series B financing round led by Norwest Venture Partners along with participation by new investor Pivotal Bioventure Partners, and existing investors F-Prime Capital, Novo Holdings A/S, Rivervest Venture Partners and TPG Biotech. The company has completed enrollment in a clinical study of two-dose regimens of aerosolized pirfenidone (AP-01) in patients with idiopathic pulmonary fibrosis. The new funds will be used to expand the company’s pipeline and support the launch of a phase II/III trial of AP-01 in chronic lung allograft dysfunction, the most common form of graft failure which occurs in more than 50% of lung transplant recipients within five years of transplant and leads to re-transplant or death. Additionally, funds will support a phase I study of AP-02, aerosolized nintedanib, a program entering clinical development after successful preclinical studies in two lung injury models.
Biogen Inc., of Cambridge, Mass., said it priced two series of senior unsecured notes for a total of $3 billion. The company said $1.5 billion of the notes will mature on May 1, 2030, and will bear an annual interest rate of 2.25%, and $1.5 billion of the notes will mature on May 1, 2050, and will bear interest at an annual rate of 3.15%. The company intends to use the net proceeds from the sale of the notes to redeem in full $1.5 billion of its outstanding 2.9% senior notes due Sept. 15, 2020, and all accrued and unpaid interest, and to fund, together with cash on hand, repurchases of its common stock under its share repurchase plans and for working capital and other general corporate purposes.
Caladrius Biosciences Inc., of Basking Ridge, N.J., said it closed the sale of 2.16 million shares of its common stock to several institutional and accredited investors at $2.3125 per share, in a registered direct offering priced at-the-market under Nasdaq rules. Under the purchase agreement, the company has issued to the investors unregistered warrants to purchase up to an aggregate of 1.08 million shares of common stock with an exercise price equal to $2.25 per share. The company intends to use the net proceeds from the offering for working capital and general corporate purposes, including the advancement of its CD34+ technology-based clinical programs.
Immunomedics Inc., of Morris Plains, N.J., said it has started an underwritten public offering of $350 million of shares of its common stock and expects to grant the underwriters a 30-day option to purchase up to an aggregate of an additional $52.5 million of shares. The net proceeds will be used to support the U.S. commercial launch of Trodelvy in metastatic triple-negative breast cancer, the expansion of the clinical development programs for Trodelvy, clinical development of their product platform (including IMMU-130 and IMMU-140), scale-up of manufacturing and manufacturing process improvements, as well as for working capital and general corporate purposes.
Kiadis Pharma NV, of Amsterdam, the Netherlands, said it has undertaken a €12 million (US$13.01 million) private placement of approximately 7.5 million ordinary shares at €1.60 per share with a U.S.-based health care-focused investment fund. As part of the transaction, the investor will also receive approximately 3.75 million warrants with a strike price of €2.22, which can be exercised over a five-year period. The proceeds will be used to fund the development of Kiadis’ K-NK cell therapy programs, including the clinical development of K-NK-002 as an adjunctive therapy for patients with blood cancer undergoing a hematopoietic stem cell transplant, the development of K-NK-003 for the treatment of acute myeloid leukemia, and the research and development of the company’s K-NK platform for solid tumors.
Neubase Therapeutics Inc., of Pittsburgh, said it priced an underwritten public offering of 5.25 million shares at $6 each for gross proceeds of approximately $31.5 million, excluding any exercise of the underwriters’ option to purchase additional shares. The underwriters have been granted a 30-day option to purchase up to an additional 787,500 shares at the public offering price to cover overallotments. The net proceeds will be used for working capital and general corporate purposes and to advance the development of its product candidates and expand its pipeline. Shares of Neubase (NASDAQ:NBSE) closed April 28 at $7.60, down 57 cents.