ADC Therapeutics SA, of Lausanne, Switzerland, said it closed its IPO of approximately 14.1 million common shares at $19 apiece, including full exercise by underwriters of their option to purchase approximately 1.8 million additional shares, for gross proceeds of approximately $267.6 million. Morgan Stanley, Bofa Securities and Cowen and Co. LLC were joint bookrunners. ADC also disclosed receipt of initial disbursement of $65 million of senior secured convertible term loans under its convertible credit facility with Deerfield Partners LP and affiliates in exchange for issuance to Deerfield of $65 million in senior secured convertible notes. The company’s shares (NYSE:ADCT) rose nearly 4% on May 20, closing at $32.38 for a gain of $1.24.
Akebia Therapeutics Inc., of Cambridge, Mass., said underwriters of its public offering that closed on May 14, exercised in full their option to purchase 1.65 million additional shares at $12 apiece, increasing the number of shares sold in the offering to 12.65 million and raising gross proceeds to approximately $151.8 million. J.P. Morgan Securities LLC and Piper Sandler & Co. were book-running managers, with BTIG LLC and Mizuho Securities USA LLC as lead managers and H.C. Wainwright & Co. LLC as co-manager. On May 20, the shares (NASDAQ:AKBA) gained 75 cents to close at $12.64.
Biomarin Pharmaceutical Inc., of San Rafael, Calif., said initial purchasers of its offering of 1.25% senior subordinated convertible notes due 2027 in a private placement to qualified institutional buyers exercised in full their 13-day option to purchase $50 million in additional notes for a total of $600 million in outstanding notes and net proceeds of approximately $585.8 million. Biomarin used approximately $50 million of the proceeds to repurchase common shares concurrent with the notes offering in privately negotiated transactions. The company said proceeds from the notes offering will be used mostly to repay, repurchase or settle in cash its 1.50% senior subordinated convertible notes due in 2020, with the remainder used for general corporate purposes.
Biondvax Pharmaceuticals Ltd., of Jerusalem, disclosed receipt of approximately $4.2 million in proceeds since Jan. 1, 2020, through warrant exercises. The publicly traded warrants, issued in connection with the company’s IPO on Nasdaq in 2015, had an exercise price of $6.25, traded on Nasdaq under the symbol BVXVW, and expired May 15, 2020. Warrants issued to underwriters in connection with the IPO expired May 11, 2020. Holders were permitted to exercise their warrants on either a cash or cashless basis. Following exercise and expiry of the warrants, Biondvax reported approximately 11.4 million outstanding American depositary shares, which trade on Nasdaq as BVXV, closing on May 20 at $20, up 50 cents.
Biosig Technologies Inc., of Westport, Conn., and its subsidiary, Viralclear Pharmaceuticals Inc., said a $10.8 million common stock financing has now closed. Viralclear plans to use the proceeds for the development, including phase II trials, of its product candidate, merimepodib, a broad-spectrum antiviral agent. On May 18, Viralclear announced the FDA’s clearance of its IND to proceed with a proposed phase II study of merimepodib in COVID-19 patients.
Diffusion Pharmaceuticals Inc., of Charlottesville, Va., closed its registered direct offering, priced at-the-market under Nasdaq rules, with certain institutional and accredited investors of about 11.4 million shares of common stock, at a purchase price of $1.05 per share. The gross proceeds to Diffusion were about $12 million. Funds will be used for research and development of its lead product candidate, TSC, including clinical trial activities, and for general corporate purposes. H.C. Wainwright & Co. acted as the exclusive placement agent.
Idorsia Ltd., of Allschwil, Switzerland, said it used an accelerated book-building process to place 11 million new shares, corresponding to 8.4% of its issued share capital, at CHF30 (US$31.08) apiece for gross proceeds of CHF330 million (US$341.9 million). Net proceeds will be used to prepare for pre-commercial activities for dual orexin receptor antagonist daridorexant following phase III success to treat insomnia, and to develop other pipeline candidates. Listing and admission of the shares on the SIX Swiss Exchange, where the shares trade as IDIA, is expected become effective by May 22. In connection with the offering, Idorsia agreed to a 90-day lock-up period. Jean-Paul and Martine Clozel, the company’s principal shareholders, purchased 28.4% of the shares and agreed to a lock-up period of 180 days after their listing. Barclays Bank plc and Credit Suisse were joint bookrunners, with Octavian as selling agent. The company’s shares closed on May 20 at CHF30.40, for a loss of CHF 1.06.
Octant Inc., of Emeryville, Calif., said it raised $30 million in a series A financing led by Andreessen Horowitz, with participation from 8VC, SV Angel, Allen & Co. and several private investors. Octant’s discovery platform uses synthetic biology, genome engineering, next-generation sequencing, functional genomics and computational tools to map the activity of receptor pathways in human cells, generating datasets and predictive insights to accelerate chemical discovery and optimization. Octant uses genetic barcodes to reveal chemical-receptor activity in a pooled fashion, with an initial focus on G protein-coupled receptors. Proceeds will be used to advance the platform, a portion of which is being freely shared under the Open COVID Pledge related to the COVID-19 pandemic.
Ocular Therapeutix Inc., of Bedford, Mass., said it priced an underwritten public offering of approximately 8.2 million common shares at $5.50 apiece for expected gross proceeds of approximately $45 million. The company granted underwriters a 30-day option to purchase up to 1.2 million additional shares. Jefferies LLC and Piper Sandler & Co. are joint book-running managers, with Raymond James & Associates Inc., JMP Securities LLC and H.C. Wainwright & Co. LLC as co-managers for the offering, which is expected to close by May 22. The company’s shares (NASDAQ:OCUL) lost 4 cents on May 20 to close at $6.41.
Oncternal Therapeutics Inc., of San Diego, said it entered definitive agreements with institutional and accredited investors for a registered direct offering of approximately 1.9 million of its common shares priced at the market at $2.5725 apiece for expected gross proceeds of approximately $5 million. Net proceeds will be used primarily to fund expenses related to the development of cancer candidates cirmtuzumab and TK-216, preclinical development of the company’s ROR1 CAR T program and other preclinical programs. Oncternal agreed to issue to the investors, in a concurrent private placement, unregistered warrants to purchase up to 971,818 additional shares. The warrants, which have an exercise price of $2.51 per share, may be exercised immediately. H.C. Wainwright & Co. is exclusive placement agent for the offering, which is expected to close by May 21. Oncternal’s shares (NASDAQ:ONCT) lost 6 cents on May 20 to close at $3.05.
Oyster Point Pharma Inc., of Princeton, N.J., said it closed a public offering of approximately 4.3 million common shares at $28 apiece, including 562,500 shares sold in conjunction with the full exercise by underwriters of their overallotment option, for gross proceeds of about $120.8 million. J.P. Morgan Securities LLC, Cowen and Co. LLC and Piper Sandler & Co. acted as joint bookrunners. On May 20, the company’s shares (NASDAQ:OYST) closed at $28.96 for a gain of 9 cents.
Silence Therapeutics plc, of London, said it plans to submit confidentially a registration statement to the SEC in connection with a proposed listing of American depositary shares on Nasdaq to represent the company's ordinary shares, which will continue to trade on the AIM market of the London Stock Exchange as SLN. The registration statement will be submitted to facilitate the creation of a trading market in the U.S., but the company said it does not propose to register newly issued securities.
Strongbridge Biopharma plc, of Dublin, said it has, together with its subsidiaries, entered a $30 million debt facility with Avenue Venture Opportunities Fund LP. Under the terms of the loan agreement, Strongbridge U.S. Inc., a subsidiary of Strongbridge Biopharma, borrowed $10 million at closing. The debt facility also provides the potential of two additional tranches of up to $10 million each. The first additional tranche is available between Oct. 1, 2020, and Dec. 31, 2020, if the company achieves positive top-line data for Recorlev (levoketoconazole), a cortisol synthesis inhibitor the treatment of endogenous Cushing’s syndrome, in its phase III LOGICS trial. The second additional tranche will be available between Oct. 1, 2021, and March 31, 2022, if it achieves FDA approval of Recorlev, subject to approval from Avenue’s investment committee.
Surface Oncology Inc., of Cambridge, Mass., said it raised gross proceeds of approximately $28.9 million through its at-the-market facility with participation from Ecor1 Capital LLC, Venrock Healthcare Capital Partners, BVF Partners LP and RS Investments, a Victory Capital investment franchise. The company sold approximately 10.9 million shares of its common stock at $2.66 each, the market price at the time of the sale. The funds will be used to advance the company’s pipeline, including the clinical development of SRF-617 (targeting CD39) and SRF-388 (targeting IL-27), and the advancement of SRF-813 (targeting CD112R, also known as PVRIG), as well as for working capital and other general corporate purposes. Shares of Surface Oncology (NASDAQ:SURF) closed May 20 at $3.88, up $1.22, or 46%.
Tricida Inc., of South San Francisco, said it priced an offering of $175 million aggregate principal amount of its 3.50% convertible senior notes due 2027 in a private offering to qualified institutional buyers. In connection with the offering, the company granted the initial purchasers a 13-day option to purchase up to an additional $25 million of notes. The net proceeds from the offering will be $168.8 million (or $193 million if the initial purchasers exercise their option to purchase additional notes in full), which will be used for working capital and general corporate purposes.
Windtree Therapeutics Inc., of Warrington, Pa., a biotechnology and medical device company focused on developing drug product candidates and medical device technologies to address acute cardiovascular and pulmonary diseases, said it priced its public offering of 2.75 million units at $7.25 apiece. Each unit consists of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $7.975 per share. The underwriters have been granted a 45-day option to purchase up to 413,793 additional shares of common stock. Windtree expects to receive gross proceeds of $20 million. It intends to use the net proceeds primarily to advance the study of KL4 surfactant to treat COVID-19-related lung injury; istaroxime phase II startup activities; clinical development of Aerosurf for respiratory distress syndrome; and for working capital and/or general corporate purposes. The company also announced that, in connection with the offering, its common stock has been approved for listing on Nasdaq and will trade under the symbol WINT. Shares closed May 20 at $7.05, up 94 cents.
Xbrane Biopharma AB, of Solna, Sweden, said it completed a directed issue of 3.85 million shares at SEK38 each for approximately SEK146 million (US$15.2 million).