Appili Therapeutics Inc., of Halifax, Nova Scotia, filed a prospectus supplement to its base shelf prospectus dated Sept. 19, 2019. The company has entered an agency agreement with a syndicate of agents led by Bloom Burton Securities Inc. and including Mackie Research Capital Corp., Industrial Alliance Securities Inc., Haywood Securities Inc. and Richardson GMP Ltd., on a best-efforts agency basis, involving about 11.2 million units at a price of CA$1.20 (US89 cents) per unit for gross proceeds of about CA$13.5 million. The company has also granted the agents an overallotment option to offer for sale that number of additional units equal to 15% of the units sold under the public offering and/or additional warrants equal to 15% of the number of warrants sold under the public offering (in each case excluding the overallotment option), exercisable at any time up to 30 days after the closing date.
Arch Therapeutics Inc., of Framingham, Mass., raised $1.4 million from long-term shareholders. As part of the capital raising, the company has issued a series I unsecured convertible note to several accredited current investors for the aggregate principal amount of $550,000. The notes accrue simple interest on unpaid principal at a rate of 10% per year.
Jazz Pharmaceuticals plc, of Dublin, said Jazz Investments I Ltd., its wholly owned subsidiary, intends to offer, subject to market conditions and other factors, $850 million in exchangeable senior notes due 2026 in a private offering to qualified institutional buyers. The issuer also expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $150 million in notes. The notes will be exchangeable under certain circumstances for cash, ordinary shares of Jazz Pharmaceuticals or a combination thereof.
Kadmon Holdings Inc., of New York, raised $50 million through its at-the-market facility, including participation based on interest received from existing shareholders and new health care specialist institutional investors. The company sold about 11.1 million shares at then-prevailing market prices. With the closing of the transaction, the company is capitalized through the anticipated filing, approval and launch of belumosudil in chronic graft-vs.-host disease, Kadmon said.
Nanobiotix SA, of Paris, received financing approval from HSBC and Bpifrance for a total of €10 million (US$11.2 million) in the form of state-guaranteed loans. Each individual lender will provide a loan of €5 million with fixed interest rates of 0.25% and 1.75% per annum. The French government will guarantee 90% of the amounts due. Each loan has an initial term of one year. Repayment of the principal amount due may be further deferred at the option of the company until June 2025, Nanobiotix said.
Novo Holdings Ltd., of Hellerup, Denmark, said its REPAIR (Replenishing and Enabling the Pipeline for Anti-Infective Resistance) Impact Fund announced it has opened a new investment proposal round to life sciences companies developing new treatments to combat antimicrobial resistance. The window for submissions will be open from June 8 to July 31. Companies are invited to submit a non-confidential proposal, which will be presented to the fund's scientific selection board, and successful projects will be selected later in the year.
Pliant Therapeutics Inc., of South San Francisco, closed its IPO of about 10.3 million shares of common stock, which includes the exercise in full by the underwriters of their 30-day option to purchase up to about 1.3 million more shares, at a price of $16 per share, for gross proceeds of about $165.6 million. Citigroup, Cowen and Piper Sandler acted as joint book-running managers. Needham & Co. served as lead manager.
Rocket Pharmaceuticals Inc., of New York, said that on June 5, it signed a privately negotiated agreement with a holder of its outstanding 5.75% convertible senior notes due 2021. Rocket will exchange $7.5 million of the 2021 notes for $7.5 million aggregate principal amount of its newly issued 6.25% convertible senior notes due 2022 (an exchange ratio equal to one 2022 note per exchanged 2021 note) and an amount of cash equal to the accrued and unpaid interest, if any, on the exchanged 2021 notes from, and including, Feb. 1, 2020, to – but excluding – the closing date of the exchange transactions adjusted to take into account the unearned accrued interest on the 2022 notes from, and including, Feb. 20, 2020. The exchange transaction is expected to close on or about June 12.