Avadel Pharmaceuticals plc, of Dublin, said it priced an underwritten public offering of approximately 11.6 million ordinary shares, in the form of American depositary shares (ADSs), at $10.75 per ADS for expected gross proceeds of approximately $125 million. The company granted underwriters a 30-day option to purchase up to about 1.7 million additional ADSs to fill overallotments. Jefferies LLC, Piper Sandler & Co. and Stifel Nicolaus & Co. Inc. are joint book-running managers, with H.C. Wainwright & Co. LLC as lead manager and Ladenburg Thalmann & Co. Inc. and Craig-Hallum Capital Group LLC as co-managers for the offering, expected to close on May 1. On April 27, Avadel reported highly statistically significant improvements vs. placebo on three co-primary endpoints in the pivotal phase III Rest-On trial of FT-218, a once-nightly formulation of sodium oxybate to treat excessive daytime sleepiness and cataplexy in individuals with narcolepsy, sending the company’s ADSs (NASDAQ:AVDL) on that date to a 52-week high of $13.49. On April 29, the ADSs fell $1.35 to close at $10.40.
Bone Therapeutics SA, of Gosselies, Belgium, said it secured €11 million (US$11.9 million) in financing to advance its key assets, the cell therapy Allob and JTA-004 (hyaluronic acid + enriched protein), through late-stage development. The financing consists of €4.75 million in bridge loans by commercial banks and Sambrinvest, €1.26 million in an equity private placement through immediate conversion of convertible bonds (CBs) by existing shareholders and, on an as-needed basis, €5 million in private placement of CBs. The bridge loans are subject to the attainment of credit assurance, which is pending regulatory approvals expected in May 2020. The company said the financing will extend its runway into the first quarter of 2021. Bone Therapeutics also intends to pursue a capital raise when market conditions are more favorable and said existing shareholders committed to participate.
Cadent Therapeutics Inc., of Cambridge, Mass., said it closed the $15 million final equity tranche of its $40 million series B financing, which was led by Cowen Healthcare Investments and Atlas Venture with participation from Qiming Venture Partners, Access Industries, Clal Biotechnology Industries and Novartis Institutes for Biomedical Research. Proceeds will be used to continue development of the company’s lead cognitive disorder asset, CAD-9303, an N-methyl-D-aspartate receptor agonist that is the subject of the phase I Affinity-1 trial.
Hemostemix Inc., of Calgary, Alberta, said that, subject to TSX Venture Exchange approval, its nonbrokered private placement will be increased from CA$450,000 (US$324,126) to CA$1.2 million of units priced at CA1 cent apiece, and its debt settlement will amount up to CA$358,514, priced at CA1 cent per common share. Each unit of the offering comprises one common share and one warrant to purchase an additional common share. The company said it relied on temporary relief measures established by the TSXV on April 8 in response to the COVID-19 pandemic, which lowered minimum pricing from CA5 cents to CA1 cent per share. Proceeds will be used, in part, to fund the hiring of the company’s chief scientific officer and chief medical officer, technology transfer fees related to autologous stem cell therapy ACP-01, automation buildout and patent fees and expenses.
Immunomedics Inc., of Morris Plains, N.J., said it priced an underwritten public offering of approximately 14.7 million common shares at $28.50 apiece for expected gross proceeds of about $420 million. The company granted underwriters a 30-day option to purchase up to approximately 2.2 million additional shares. Net proceeds will be used primarily to support the U.S. commercial launch of Trodelvy (sacituzumab govitecan-hziy), approved earlier this month to treat metastatic triple-negative breast cancer, and to continue to expand the development programs for Trodelvy. The company also plans to invest in broader development of the platform, including topoisomerase I inhibitors IMMU-130 (labetuzumab govitecan) and IMMU-140, and to continue scale-up of manufacturing and manufacturing process improvements. Cowen, Bofa Securities, Jefferies LLC and Piper Sandler & Co. are joint book-running managers for the offering, expected to close by May 1. On April 29, the company’s shares (NASDAQ:IMMU) hit a 52-week high of $31.50 before closing at $31.12, gaining $2.06, or about 7%.
Oric Pharmaceuticals Inc., of South San Francisco, said it closed its IPO of about 8.6 million common shares, which included full exercise by underwriters of their option to purchase approximately 1.1 million additional shares, priced at $16 apiece for gross proceeds of $138 million. J.P. Morgan, Citigroup, Jefferies LLC and Guggenheim Securities were joint bookrunners. The company’s shares (NASDAQ:ORIC) gained 64 cents on April 29 to close at $26.32.