Avadel Pharmaceuticals plc, of Dublin, a company focused on developing FT-218, an investigational, once-nightly formulation of sodium oxybate for treating excessive daytime sleepiness and cataplexy in patients with narcolepsy, said it priced an underwritten public offering of 11.63 million ordinary shares, in the form of American depositary shares (ADSs) at $10.75 each. The gross proceeds from the offering are expected to be about $125 million. The underwriters have been granted a 30-day option to purchase up to an additional 1.74 million ADSs at the public offering price. Shares of Avadel (NASDAQ:AVDL) closed May 4 at $9.10, down 10 cents.

Ayala Pharmaceuticals Inc., of Rehovot, Israel, established terms for its proposed IPO and plans to raise up to $50 million by offering 3.3 million shares at a price range of $14 to $16. The funds will support clinical development of AL-101, previously known as BMS-906024, the company's lead candidate under study as a potential therapy for recurrent metastatic adenoid cystic carcinoma and triple-negative breast cancer. The funds will also support development of AL-102, previously known as BMS-986115, which is being studied for the treatment of desmoid tumors. Both candidates are exclusively licensed from New York-based Bristol Myers Squibb Co. and are small-molecule gamma secretase inhibitors targeting the aberrant activation of the Notch pathway. The company plans to list its shares on Nasdaq under the symbol AYLA.

Clarametyx Biosciences Inc., of Columbus, Ohio, which is developing targeted, immune-enabling biologic therapies to counter persistent infections associated with biofilms, has launched operations supported by Rev1 Ventures, investing from its Catalyst Fund II fund, that co-led the seed financing round with the Ohio Innovation Fund. Emerald Shoals Targeted Opportunities Fund also joined the round. Its lead candidate, CMTX-001, is a humanized monoclonal antibody in preclinical development for hospital-acquired pneumonia. The company’s platform targets and rapidly collapses bacterial biofilms – complex matrices that act as a protective shield for the bacteria, contributing to persistent infections, inflammatory disease processes and resistance to therapeutic interventions. The technology, which will be initially focused on respiratory tract infections, is based on intellectual property that has been licensed from the Abigail Wexner Research Institute at Nationwide Children’s Hospital.

Devonian Health Group Inc., of Quebec City, said it closed a nonbrokered private placement for aggregate gross proceeds of CA$1.8 million (US$1.27 million). The company is developing prescription botanical drugs from plant materials and algae for the treatment of inflammatory-autoimmune diseases, including ulcerative colitis and atopic dermatitis.

Immunomedics Inc., of Morris Plains, N.J., said it closed its underwritten public offering of common stock, selling 16.94 million shares, a total that included 2.21 million shares sold to underwriters who fully exercised their option to purchase additional shares at the public offering price of $28.50 per share. The total net proceeds are estimated to be approximately $459 million, which will be used to support the U.S. commercial launch of Trodelvy (sacituzumab govitecan-hziy) for metastatic triple-negative breast cancer, the expansion of the clinical development programs for Trodelvy, clinical development of the 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.

Intec Pharma Ltd., of Jerusalem, said it entered definitive agreements with several institutional and accredited investors for the purchase and sale of about 16.3 million shares at a purchase price of $0.30690 per share, in a registered direct offering. Intec also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of about 8.1 million ordinary shares. Gross proceeds are expected to be about $5 million, and net proceeds will be used to fund R&D activities and for working capital and general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering, set to close on or about May 6.

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