Proceeds used for Phase 3 program for eravacycline, working capital
By Devika Patel
Knoxville, Tenn., Nov. 19 - Tetraphase Pharmaceuticals, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $6.75 million greenshoe in part for total proceeds of $49.07 million. The deal was announced Oct. 25 and priced with the greenshoe on Nov. 7.
The company sold 4,907,403 common shares at $10.00 apiece. The price per share is an 11.58% discount to the Nov. 6 closing share price of $11.31. Of the shares, 407,403 were part of the partially exercised greenshoe.
BMO Capital Markets and Stifel were the joint bookrunning managers.
Proceeds will be used to fund the company's Phase 3 program for eravacycline for the treatment of complicated intra-abdominal infections and complicated urinary tract infections and for working capital and other general corporate purposes.
The biopharmaceutical company is based in Watertown, Mass.
| Issuer: | Tetraphase Pharmaceuticals, Inc.
|
| Issue: | Common shares
|
| Amount: | $49,074,030 (including $4,074,030 greenshoe)
|
| Shares: | 4,907,403
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunners: | BMO Capital Markets and Stifel
|
| Co-managers: | Guggenheim Securities, JMP Securities and Needham & Co.
|
| Announcement date: | Oct. 25
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 19
|
| Stock symbol: | Nasdaq: TTPH
|
| Stock price: | $11.31 at close Nov. 6
|
| Market capitalization: | $219.79 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
