Akebia Therapeutics Inc., of Cambridge, Mass., said it priced an underwritten public offering of 11 million shares at $12 each, with gross proceeds expected to be $132 million. The underwriters have been granted a 30-day option to purchase up to an additional 1.65 million shares. The offering was upsized from a previously announced offering size of approximately $100 million of shares of common stock. Shares of Akebia (NASDAQ:AKBA) closed May 12 at $11.56, down $1.29.
Biomarin Pharmaceutical Inc., of San Rafael, Calif., said it priced $550 million aggregate principal amount of 1.25% senior subordinated convertible notes due 2027 in a private placement to qualified institutional buyers, an increase from the previously announced offering size of $500 million. The company also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $50 million of notes. The net proceeds will be approximately $536.9 million (or $585.8 million if the initial purchasers exercise their option to purchase additional notes in full), and Biomarin intends to use $50 million from the offering to repurchase shares of its common stock. The majority of the proceeds will be used to repay, repurchase or settle in cash some or all of its 1.50% senior subordinated convertible notes due in 2020, with the remainder of the net proceeds used for general corporate purposes.
Greenlight Biosciences Inc., of Boston, said it closed an oversubscribed $17 million special purpose funding round from new and existing investors to build out its scalable mRNA production capability targeting the production of billions of doses of COVID-19 vaccine. In addition to expanding its manufacturing capacity, the company is developing several differentiated mRNA vaccine candidates against SARS-CoV2.
Innocan Pharma Corp., of Toronto, said it has filed a preliminary short form prospectus with the securities regulatory authorities in all provinces of Canada (except Quebec) in connection with a marketed public offering of units for gross proceeds of up to $10 million. The net proceeds will be used for research and product development expenses, sales and marketing expenses, operating expenses and general and administrative expenses as well as for working capital and general corporate purposes.
Intelgenx Technologies Corp., of Saint Laurent, Quebec, said it plans to amend the terms of its 8% convertible unsecured subordinated debentures due June 30, 2020, originally issued on July 12, 2017, and Aug. 8, 2017, to extend the maturity date to June 30, 2022, and reduce the conversion price from $1.35 to 50 cents. The proposed amendments remain subject to approval of the TSX Venture Exchange and the holders of not less than 66 2/3% of the outstanding principal amount of the debentures. An aggregate principal amount of $7.577 million of debentures remains outstanding.
Kiromic Biopharma Inc., of Houston, has filed to raise up to $20 million in an IPO. The target discovery and gene editing company uses its Diamond computational platform and a neural network to identify new cancer immunological targets for T cells and B cells. The company said it has a pipeline of early stage product candidates targeting blood cancers and solid tumors. The offering has not yet been priced and the shares are planned to be listed on the New York Stock Exchange under the symbol KRBP.
Lantern Pharma Inc., of Dallas, has established terms for its proposed IPO and plans to raise up to $25 million from the sale of 1.6 million shares at a price range of $15 to $17. The oncology-focused company uses artificial intelligence (AI) to advance precision therapeutics. Its RADR AI platform uses big data analytics and machine learning to uncover biologically relevant genomic signatures correlated to drug response. The company plans to list on Nasdaq under the symbol LTRN.
Myokardia Inc., of Brisbane, Calif., said it has started a proposed underwritten public offering to sell $450 million in shares and expects to grant the underwriters a 30-day option to purchase up to $67.5 million in additional shares. The net proceeds will help support the regulatory approval process and potential commercial launch of mavacamten for the treatment of obstructive hypertrophic cardiomyopathy (HCM), and to fund ongoing and potential later-stage clinical studies of the compound in non-obstructive HCM and targeted heart failure with preserved ejection fraction.
Protagonist Therapeutics Inc., of Newark, Calif., said it priced its previously announced underwritten public offering of 7 million shares at $14 each. In addition, the underwriters have been granted a 30-day option to purchase up to 1.05 million additional shares of common stock at the public offering price. Gross proceeds are expected to be $98 million. Shares of Protagonist (NASDAQ:PGTX) closed May 12 at $16, up $1.37.
Sutro Biopharma Inc., of South San Francisco, said it priced an underwritten public offering of 11 million shares at $7.75 each and granted the underwriters a 30-day option to purchase up to an additional 1.65 million shares. The gross proceeds are expected to be approximately $85.3 million. The company intends to use the net proceeds to fund the continued clinical development of STRO-001, a CD74-targeting antibody-drug conjugate (ADC) being investigated in a phase I trial of patients with advanced B-cell malignancies, including multiple myeloma and non-Hodgkin lymphoma, and STRO-002, a folate receptor alpha-targeting ADC, being investigated in a phase I trial of patients with ovarian and endometrial cancers, and the remainder to fund the further development of its technology platform, including manufacturing, to broaden its pipeline of product candidates, and for working capital and general corporate purposes. Shares of Sutro (NASDAQ:STRO) fell $1.25 to close May 12 at $8.86.
Theralase Technologies Inc., of Toronto, proposed extending the expiry date of about 3.2 million share purchase warrants, all of which are exercisable at CA30 cents (US21 cents) per share, from Thursday, May 14, to May 14, 2022. Company shares (TSV:TLT) closed at CA22.5 cents on Tuesday.
Travecta Therapeutics Pte. Ltd., of Singapore, secured $15 million in series A financing to support development of TVT-004, its lead non-opioid product targeting pain. The candidate, based on discoveries at the Duke-NUS Medical School, is a small molecule conjugated with the company's blood brain-barrier transport platform delivery technology, which uses the Mfsd2a lysolipid transport system. The financing was led by TKS1, a life science-focused venture capital fund formed by the partnership between Sprim and Tikehau Capital.
VBL Therapeutics Inc., of Tel Aviv, Israel, closed a previously announced $10 million registered direct offering and announced definitive agreements with two of the company's largest current shareholders for the purchase and sale of about 5.1 million ordinary shares of the company, at a purchase price of $1.58 per share, in a registered direct offering priced at-the-market. The offering is expected to raise $8.1 million. VBL also agreed to issue to the investors, in a concurrent private placement, unregistered warrants to purchase up to an aggregate of 5.1 million ordinary shares of the company. The warrants have an exercise price of $1.45 per ordinary share. H.C. Wainwright & Co. is acting as the exclusive placement agent.